0001| HOUSE BILL 594
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| LARRY A. LARRANAGA
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0006|
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0008|
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0009|
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0010| AN ACT
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0011| PROVIDING FOR DISTRIBUTION OF MOTOR VEHICLE EXCISE TAX
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0012| REVENUES; MAKING APPROPRIATIONS.
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0013|
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0014| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015| Section 1. Section 7-14-10 NMSA 1978 (being Laws 1988,
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0016| Chapter 73, Section 20, as amended) is amended to read:
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0017| "7-14-10. DISTRIBUTION OF PROCEEDS.--The receipts from
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0018| the tax and any associated interest and penalties shall be
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0019| deposited in the "motor vehicle suspense fund", hereby created
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0020| in the state treasury. As of the end of each month, the net
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0021| receipts attributable to the tax and associated penalties and
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0022| interest shall be distributed [to the general fund] as
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0023| follows:
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0024| A. prior to July 1, 1998, to the general fund;
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0025| B. for the period from July 1, 1998 through June
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0001| 30, 1999, one-third to the state road fund and two-thirds to
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0002| the general fund;
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0003| C. for the period from July 1, 1999 through June
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0004| 30, 2000, two-thirds to the state road fund and one-third to
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0005| the general fund; and
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0006| D. after June 30, 2000, to the state road fund."
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