This bill seeks to improve the financing of highway projects in New Mexico by granting additional bonding authority to the State Transportation Commission for projects outlined in the Statewide Transportation Improvement Program. It requires the Department of Transportation to include a report on the selection and prioritization of highway projects financed by bonds in its annual budget request. The bill proposes an increase in the weight distance tax for motor vehicles (excluding buses) and raises registration fees for passenger vehicles. Additionally, it introduces new registration fees for electric and plug-in hybrid electric vehicles, with these fees directed to the State Road Fund.

Key amendments include significant adjustments to the weight distance tax rates for various vehicle weight categories and increased registration fees for passenger vehicles based on weight classifications. The bill also revises the distribution of vehicle registration fees among counties, specifying that a portion will be allocated based on the proportion of fees collected in each county, with funds designated for street construction, maintenance, and repair. Furthermore, it allows the State Transportation Commission to issue up to $1.5 billion in state highway bonds for highway projects, with new reporting requirements on project selection and financial forecasts. The effective dates for the bill's provisions are set for July 1, 2026, and January 1, 2027, for different sections.

Statutes affected:
introduced version: 7-15A-6, 66-6-2, 66-6-23, 66-6-23.1, 67-3-59.1