SENATE BILL 9
47th legislature - STATE OF NEW MEXICO - first special session, 2005
INTRODUCED BY
Joseph J. Carraro
AN ACT
RELATING TO TAXATION; TEMPORARILY SUSPENDING THE GASOLINE TAX AND THE SPECIAL FUEL EXCISE TAX FOR ONE YEAR; CREATING THE GASOLINE TAX REPLACEMENT FUND AND THE SPECIAL FUEL TAX REPLACEMENT FUND; MAKING DISTRIBUTIONS TO REPLACE GASOLINE TAX AND SPECIAL FUEL EXCISE TAX REVENUE DISTRIBUTIONS; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. TEMPORARY PROVISION.--Effective from November 1, 2005 to October 31, 2006, gasoline received in this state pursuant to the provisions of the Gasoline Tax Act shall be exempt from the gasoline tax imposed pursuant to Section 7-13-3 NMSA 1978, and receipts from the sale or use of such gasoline shall be exempt from taxation pursuant to the Gross Receipts and Compensating Tax Act.
Section 2. TEMPORARY PROVISION.--Effective from November 1, 2005 to October 31, 2006, special fuel received or used in this state pursuant to the Special Fuels Supplier Tax Act shall be exempt from the special fuel excise tax imposed pursuant to Section 7-16A-3 NMSA 1978, and receipts from the sale or use of such special fuel shall be exempt from taxation pursuant to the Gross Receipts and Compensating Tax Act.
Section 3. TEMPORARY PROVISION--GASOLINE TAX REPLACEMENT FUND--CREATION--DISTRIBUTIONS FROM FUND.--
A. The "gasoline tax replacement fund" is created in the state treasury and shall be administered by the taxation and revenue department. The fund shall consist of money appropriated or transferred to the fund. Money in the fund shall not be expended for any purpose except as provided in this section. Balances in the fund at the end of a fiscal year shall not revert to the general fund.
B. Each month for twelve months beginning in January 2006 and ending in December 2006, distributions shall be made from the gasoline tax replacement fund in an aggregate amount equal to one-twelfth of the amount transferred to the fund pursuant to Subsection A of Section 5 of this 2005 act. The distributions shall be made in the same manner and to the same distributees as if the money being distributed were money in the tax administration suspense fund attributable to gasoline tax revenue.
C. Distributions from the gasoline tax replacement fund to the state road fund pursuant to the provisions of this section are intended to replace gasoline tax revenue distributions to the state road fund and to avoid any impairment of outstanding bonds secured by a pledge of revenues from the gasoline tax.
D. Provisions of the Tax Administration Act respecting revenue attributable to the gasoline tax or distribution of that revenue are applicable to the money in the gasoline tax replacement fund.
E. After the final distributions from the gasoline tax replacement fund are made in December 2006, but no later than December 31, 2006, the fund shall be extinguished and any unexpended or unencumbered balance remaining shall revert to the general fund.
Section 4. TEMPORARY PROVISION--SPECIAL FUEL TAX REPLACEMENT FUND--CREATION--DISTRIBUTIONS FROM FUND--EXTINGUISHED.--
A. The "special fuel tax replacement fund" is created in the state treasury and shall be administered by the taxation and revenue department. The fund shall consist of money appropriated or transferred to the fund. Money in the fund shall not be expended for any purpose except as provided in this section. Balances in the fund at the end of a fiscal year shall not revert to the general fund.
B. Each month for twelve months beginning in January 2006 and ending in December 2006, distributions shall be made from the special fuel tax replacement fund in an aggregate monthly amount equal to one-twelfth of the amount transferred to the fund pursuant to Subsection B of Section 5 of this 2005 act. The distributions shall be made in the same manner and to the same distributees as if the money being distributed were money in the tax administration suspense fund attributable to special fuel excise tax revenue.
C. Distributions from the special fuel tax replacement fund to the state road fund pursuant to this section are intended to replace special fuel excise tax revenue distributions to the state road fund and to avoid any impairment of outstanding bonds secured by a pledge of revenues from the special fuel excise tax.
D. Provisions of the Tax Administration Act respecting revenue attributable to the special fuel excise tax or distribution of that revenue are applicable to the money in the special fuel tax replacement fund.
E. After the final distributions from the special fuel tax replacement fund are made in December 2006, but no later than December 31, 2006, the fund shall be extinguished and any unexpended or unencumbered balance remaining shall revert to the general fund.
Section 5. TEMPORARY PROVISION--TRANSFER--GASOLINE TAX REPLACEMENT FUND AND SPECIAL FUEL TAX REPLACEMENT FUND.--
A. An amount equal to one hundred one and two hundred twenty-five thousandths percent of the total amount of gasoline tax revenue credited to the tax administration suspense fund for the twelve-month period from July 1, 2004 to June 30, 2005 is transferred from the general fund to the gasoline tax replacement fund for expenditure from January 1, 2006 through December 31, 2006 pursuant to the provisions of Section 3 of this 2005 act. Any unexpended or unencumbered balance remaining after December 31, 2006 shall revert to the general fund.
B. An amount equal to one hundred three and thirteen hundredths percent of the total amount of special fuel excise tax revenue credited to the tax administration suspense fund for the twelve-month period from July 1, 2004 to June 30, 2005 is transferred from the general fund to the special fuel tax replacement fund for expenditure from January 1, 2006 through December 31, 2006 pursuant to the provisions of Section 4 of this 2005 act. Any unexpended or unencumbered balance remaining after December 31, 2006 shall revert to the general fund.
Section 6. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.
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