46th legislature - STATE OF NEW MEXICO - first session, 2003

RELATING TO TAXATION; CREATING THE STATE TRANSIT FUND; PROVIDING FOR A DISTRIBUTION FROM THE GROSS RECEIPTS TAX ON GASOLINE; MAKING AN APPROPRIATION.

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] GROSS RECEIPTS--OFF-RESERVATION GASOLINE--DISTRIBUTION TO STATE TRANSIT FUND.--

A. Beginning on or before August 15, 2003 and on or before August 15 of each year thereafter, the department shall distribute pursuant to the provisions of Section 7-1-6.1 NMSA 1978 to the state transit fund an amount equal to the annual net receipts attributable to the gross receipts tax imposed on the calculated sales of tax-exempt gasoline during the previous calendar year.

B. As used in this section:

(1) "annual net receipts" means the sum of monthly net receipts during the previous calendar year;

(2) "calculated sales of tax-exempt gasoline" means the product of the volume in gallons of gasoline reported by distributors for the month to have been deductible for purposes of the gasoline tax pursuant to Subsection F of Section 7-13-4 NMSA 1978, multiplied by the prevailing retail price of gasoline for the month;

(3) "monthly net receipts" means an amount equal to the product of the tax rate imposed by Section 7-9-4 NMSA 1978 in effect during the month multiplied by the calculated sales of tax-exempt gasoline; and

(4) "prevailing retail price of gasoline" means the average monthly retail price of regular unleaded gasoline reported for the state by the American automobile association."

Section 2. [NEW MATERIAL] STATE TRANSIT FUND CREATED--PURPOSE.--

A. The "state transit fund" is created in the state treasury to be administered by the state highway and transportation department. The fund consists of distributions of gross receipts taxes on gasoline, income from investment of the fund and any other money appropriated or otherwise credited to the fund. Balances remaining in the fund at the end of a fiscal year shall not revert to any other fund. Money in the fund is appropriated to the state highway and transportation department to carry out the purposes of the fund. Expenditures from the fund shall be on warrants of the secretary of finance and administration pursuant to vouchers signed by the secretary of highway and transportation or his authorized representative.

B. The state transit fund shall be used to pay costs of planning, design, construction, operation, maintenance or administration of any public mass transportation program or system in this state and to match federal allotments under federal-aid transportation laws.

Section 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2003.