This bill proposes an increase in the excise taxes on gasoline and special fuel in New Mexico. Specifically, the gasoline tax will rise from seventeen cents ($0.17) to twenty-three cents ($0.23) per gallon, while the special fuel excise tax will increase from twenty-one cents ($0.21) to twenty-six cents ($0.26) per gallon. These changes are reflected in the amendments to Sections 7-13-3 and 7-16A-3 of the New Mexico Statutes Annotated (NMSA) 1978.

The effective date for these tax increases is set for July 1, 2026. The bill aims to adjust the tax rates to potentially address funding needs for infrastructure and other state services reliant on fuel tax revenues.

Statutes affected:
introduced version: 7-13-3, 7-16A-3