SENATE BILL 28

57th legislature - STATE OF NEW MEXICO - first session, 2025

INTRODUCED BY

Pat Woods

 

 

 

 

 

AN ACT

RELATING TO TAXATION; DISTRIBUTING THE REVENUE FROM THE CORPORATE INCOME TAX TO THE STATE ROAD FUND.

 

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

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

     "[NEW MATERIAL] DISTRIBUTION--CORPORATE INCOME TAX TO STATE ROAD FUND.--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 corporate income tax."

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2026.

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