The bill proposes an increase in the gasoline tax in New Mexico, specifically amending Section 7-13-3 NMSA 1978. The current excise tax rate of seventeen cents ($0.17) per gallon will be raised to twenty cents ($0.20) per gallon for gasoline received in the state. This change is aimed at generating additional revenue from gasoline sales.

The new tax rate will be officially referred to as the "gasoline tax," and the provisions of this act are set to take effect on July 1, 2026. This timeline allows for a transition period before the new tax rate is implemented.

Statutes affected:
introduced version: 7-13-3