March 20, 2003

Madam President:

Your FINANCE COMMITTEE, to whom has been referred

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

1. On page 1, line 11, after the semicolon insert "MAKING A DISTRIBUTION OF GASOLINE TAX REVENUE TO A STATE TRANSIT FUND;".

2. On page 1, between lines 14 and 15, insert the following new sections:

"Section 1. A new section of the Tax Administration Act is enacted to read:

"[NEW MATERIAL] DISTRIBUTION--STATE TRANSIT FUND.--A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state transit fund in an amount equal to one and thirty-five hundredths percent of the net receipts attributable to the gasoline tax."

Section 2. Section 7-1-6.10 NMSA 1978 (being Laws 1983, Chapter 211, Section 15, as amended) is amended to read:

"7-1-6.10. DISTRIBUTIONS--STATE ROAD FUND.--

A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state road fund in an amount equal to the net receipts attributable to the taxes, surcharges, penalties and interest imposed pursuant to the Gasoline Tax Act and to the taxes, surtaxes, fees, penalties and interest imposed pursuant to the Special Fuels Tax Act, the Special Fuels Supplier Tax Act and the Alternative Fuel Tax Act less:

(1) the amount distributed to the state aviation fund pursuant to Subsection B of Section 7-1-6.7 NMSA 1978;

(2) the amount distributed to the motorboat fuel tax fund pursuant to Section 7-1-6.8 NMSA 1978;

(3) the amount distributed to municipalities and counties pursuant to Subsection A of Section 7-1-6.9 NMSA 1978;

(4) the amount distributed to the county government road fund pursuant to Section 7-1-6.19 NMSA 1978;

(5) the amount distributed to the local governments road fund pursuant to Section 7-1-6.39 NMSA 1978;

(6) the amount distributed to the municipalities pursuant to Section 7-1-6.27 NMSA 1978; [and]

(7) the amount distributed to the municipal arterial program of the local governments road fund pursuant to Section 7-1-6.28 NMSA 1978; and

(8) the amount distributed to the state transit fund pursuant to Section 1 of this 2003 act.

B. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state road fund in an amount equal to the net receipts attributable to the taxes, fees, interest and penalties from the Weight Distance Tax Act."

Section 3. [NEW MATERIAL] STATE TRANSIT FUND CREATED--PURPOSE.--

A. The "state transit fund" is created in the state treasury to be administered by the state highway and transportation department. The fund consists of distributions of the gasoline tax, income from investment of the fund and any other money appropriated or otherwise credited to the fund. Balances remaining in the fund at the end of a fiscal year shall not revert to any other fund. Money in the fund is appropriated to the state highway and transportation department to carry out the purposes of the fund. Expenditures from the fund shall be on warrants of the secretary of finance and administration pursuant to vouchers signed by the secretary of highway and transportation or his authorized representative.

B. The state transit fund shall be used to pay costs of planning, design, construction, operation, maintenance or administration of any public mass transportation program or system in this state and to match federal allotments under federal-aid transportation laws.".

2. On page 1, line 15, after "Section" strike "1" and insert in lieu thereof "4".

3. On page 1, between lines 16 and 17, insert the following new section to read:

"Section 5. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2003.".

Respectfully submitted,

__________________________________

Ben D. Altamirano, Chairman

Adopted_______________________ Not Adopted_______________________

(Chief Clerk) (Chief Clerk)

Date ________________________

The roll call vote was 6 For 1 Against

Yes: 6

No: Rawson

Excused: Altamirano, Campos, Tsosie

Absent: None

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