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 cents ($0.20) per gallon, while the special fuel excise tax will increase from twenty-one cents ($0.21) to twenty-five cents ($0.25) 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 generate additional revenue from fuel taxes, which may be used for various state needs, including infrastructure and transportation projects.

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