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SENATE BILL 27
57
TH LEGISLATURE
-
STATE
OF
NEW
MEXICO
-
FIRST SESSION
,
2025
INTRODUCED BY
Pat Woods
AN ACT
RELATING TO TAXATION; ELIMINATING A DISTRIBUTION OF THE MOTOR
VEHICLE EXCISE TAX TO THE GENERAL FUND AND INCREASING THE
DISTRIBUTION TO THE STATE ROAD FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 7-14-10 NMSA 1978 (being Laws 1988,
Chapter 73, Section 20, as amended) is amended to read:
"7-14-10. DISTRIBUTION OF PROCEEDS.--The receipts from
the tax and any associated interest and penalties shall be
deposited in the "motor vehicle suspense fund", hereby created
in the state treasury. As of the end of each month, the net
receipts attributable to the tax and associated penalties and
interest shall be distributed as follows:
[A. fifty-nine and thirty-nine hundredths percent
to the general fund;
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B. twenty-one and eighty-six hundredths ]
A. eighty-one and twenty-five hundredths percent to
the state road fund; and
[C.] B. eighteen and seventy-five hundredths
percent to the transportation project fund."
SECTION 2. EFFECTIVE DATE.--The effective date of the
provisions of this act is July 1, 2026.
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