HOUSE BILL 183

55th legislature - STATE OF NEW MEXICO - second session, 2022

INTRODUCED BY

Rod Montoya and James G. Townsend and Willie D. Madrid and Ambrose Castellano and Cathrynn N. Brown

 

 

 

 

AN ACT

RELATING TO TAXATION; CHANGING THE DISTRIBUTIONS OF THE MOTOR VEHICLE EXCISE TAX.

 

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;

          B. twenty-one and eighty-six hundredths]

          A. fifty-five percent to the state road fund; [and

          C.] B. eighteen and seventy-five hundredths percent to the transportation project fund; and

          C. twenty-six and twenty-five hundredths percent to the local governments road fund."

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2022.

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