HOUSE BILL 70

53rd legislature - STATE OF NEW MEXICO - second session, 2018

INTRODUCED BY

Rick Little

AN ACT

RELATING TO TAXATION; CHANGING THE DISTRIBUTION OF THE MOTOR VEHICLE EXCISE TAX FROM THE GENERAL FUND TO THE STATE ROAD FUND OVER A FOUR-YEAR PERIOD.

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 [to the general fund] in the following percentages:

          A. prior to July 1, 2018, one hundred percent to the general fund;

          B. beginning July 1, 2018 and prior to July 1, 2019:

                (1) seventy-five percent to the general fund; and

                (2) twenty-five percent to the state road fund;

          C. beginning July 1, 2019 and prior to July 1, 2020:

                (1) fifty percent to the general fund; and

                (2) fifty percent to the state road fund;

          D. beginning July 1, 2020 and prior to July 1, 2021:

                (1) twenty-five percent to the general fund; and

                (2) seventy-five percent to the state road fund; and

          E. on and after July 1, 2021, one hundred percent to the state road fund."

     SECTION 2. APPLICABILITY.--The provisions of this act

apply to receipts of the motor vehicle excise tax and any

associated interest and penalties that are collected on and

after July 1, 2018.

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