SENATE BILL 353

53rd legislature - STATE OF NEW MEXICO - first session, 2017

INTRODUCED BY

Mimi Stewart

AN ACT

RELATING TO TAXATION; INCREASING THE MOTOR VEHICLE EXCISE TAX FROM THREE PERCENT TO FOUR PERCENT.

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] four 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."

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2017.

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