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F I S C A L I M P A C T R E P O R T

SPONSOR:	Sandoval		DATE TYPED:	02/04/02		HB	439
SHORT TITLE:		Change Distribution of Motor Vehicle Excise Tax Revenue				SB
					ANALYST:		Smith

REVENUE

Estimated Revenue		Subsequent Years Impact	Recurring or Non-Rec	Fund Affected
FY02	FY03
	(34,500.0)	(72,465.0)	Recurring	State General Fund
	11,500.0	24,156.0	Recurring	State Road Fund
	11,500.0	24,156.0	Recurring	Municipalities
	11,500.0	24,156.0	Recurring	Counties

(Parenthesis ( ) Indicate Revenue Decreases)

SOURCES OF INFORMATION

Taxation and Revenue Department

SUMMARY

Synopsis of Bill

This bill amends Section 7-14-10 NMSA 1978 to divert increasing (phased-in) amounts of the Motor Vehicle Excise Tax from the General Fund to the State Road Fund and local governments for road-related projects. By FY 2005, the Motor Vehicle Excise Tax would be completely eliminated as a State General Fund source. One-third of the tax would be distributed to the State Road Fund, one-third to municipalities, and one-third to counties.

SS/prr