New Mexico 2025 Regular Session

New Mexico Senate Bill SB27 Compare Versions

Only one version of the bill is available at this time.

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28	28	SENATE BILL 27
29	29	57
30	30	TH LEGISLATURE
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33	33	STATE
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39	39	MEXICO
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42	42	FIRST SESSION
43	43	,
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45	45	2025
46	46	INTRODUCED BY
47	47	Pat Woods
48	48	AN ACT
49	49	RELATING TO TAXATION; ELIMINATING A DISTRIBUTION OF THE MOTOR
50	50	VEHICLE EXCISE TAX TO THE GENERAL FUND AND INCREASING THE
51	51	DISTRIBUTION TO THE STATE ROAD FUND.
52	52	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
53	53	SECTION 1. Section 7-14-10 NMSA 1978 (being Laws 1988,
54	54	Chapter 73, Section 20, as amended) is amended to read:
55	55	"7-14-10. DISTRIBUTION OF PROCEEDS.--The receipts from
56	56	the tax and any associated interest and penalties shall be
57	57	deposited in the "motor vehicle suspense fund", hereby created
58	58	in the state treasury. As of the end of each month, the net
59	59	receipts attributable to the tax and associated penalties and
60	60	interest shall be distributed as follows:
61	61	[A. fifty-nine and thirty-nine hundredths percent
62	62	to the general fund;
63	63	.229741.1 underscored material = new
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90	90	B. twenty-one and eighty-six hundredths ]
91	91	A. eighty-one and twenty-five hundredths percent to
92	92	the state road fund; and
93	93	[C.] B. eighteen and seventy-five hundredths
94	94	percent to the transportation project fund."
95	95	SECTION 2. EFFECTIVE DATE.--The effective date of the
96	96	provisions of this act is July 1, 2026.
97	97	- 2 -
98	98	.229741.1