0001|                         HOUSE BILL 358
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                      LORENZO A. LARRANAGA
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0006|     
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0007|                                
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0008|     
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0009|     
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0010|     
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0011|                             AN ACT
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0012|     PROVIDING FOR DISTRIBUTION OF MOTOR VEHICLE EXCISE TAX REVENUES;
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0013|     MAKING APPROPRIATIONS.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|       Section 1.  Section 7-14-10 NMSA 1978 (being Laws 1988,
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0017|     Chapter 73, Section 20, as amended) is amended to read:
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0018|       "7-14-10.  DISTRIBUTION OF PROCEEDS.--The receipts from the
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0019|     tax and any associated interest and penalties shall be deposited
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0020|     in the "motor vehicle suspense fund", hereby created in the
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0021|     state treasury.  As of the end of each month, the net receipts
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0022|     attributable to the tax and associated penalties and interest
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0023|     shall be distributed <s>[to the general fund]</s> <u>as follows:</u>
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0024|            <u>A.  prior to July 1, 1997, to the general fund;
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<u></u>0025| <u>           B.  for the period from July 1, 1997 through June 30,
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<u></u>0001| <u>    1998, one-third to the state road fund and two-thirds to the
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<u></u>0002| <u>    general fund;
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<u></u>0003| <u>           C.  for the period from July 1, 1998 through June 30,
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<u></u>0004| <u>    1999, two-thirds to the state road fund and one-third to the
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<u></u>0005| <u>    general fund; and
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<u></u>0006| <u>           D.  after June 30, 1999, to the state road fund</u>."
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0007|                              
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0008|     
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