HOUSE BILL 682

49th legislature - STATE OF NEW MEXICO - first session, 2009

INTRODUCED BY

William "Bill" R. Rehm

AN ACT

RELATING TO TAXATION; RESTRICTING THE MOTOR VEHICLE EXCISE TAX TO ACTUAL PRICE PAID.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. Section 7-14-4 NMSA 1978 (being Laws 1988, Chapter 73, Section 14) is amended to read:

     "7-14-4. DETERMINATION OF AMOUNT OF MOTOR VEHICLE EXCISE TAX.--The rate of the motor vehicle excise tax is three percent and is applied to the price paid for the vehicle. [If the price paid does not represent the value of the vehicle in the condition that existed at the time it was acquired, the tax rate shall be applied to the reasonable value of the vehicle in such condition at such time.] However, allowances granted for vehicle trade-ins may be deducted from the price paid or the reasonable value of the vehicle purchased."