HOUSE BILL 242
52nd legislature - STATE OF NEW MEXICO - second session, 2016
INTRODUCED BY
Kelly K. Fajardo and Alonzo Baldonado
AN ACT
RELATING TO THE STATE AVIATION FUND; MAKING A TEMPORARY DISTRIBUTION OF A PORTION OF THE GROSS RECEIPTS TAX TO THE STATE AVIATION FUND PERMANENT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 7-1-6.7 NMSA 1978 (being Laws 1994, Chapter 5, Section 2, as amended) is amended to read:
"7-1-6.7. DISTRIBUTIONS--STATE AVIATION FUND.--
A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state aviation fund in an amount equal to four and seventy-nine hundredths percent of the taxable gross receipts attributable to the sale of fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department.
B. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state aviation fund in an amount equal to twenty-six hundredths percent of gasoline taxes, exclusive of penalties and interest, collected pursuant to the Gasoline Tax Act.
C. [From July 1, 2013 through June 30, 2018] A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state aviation fund in an amount equal to
forty-six thousandths percent of the net receipts attributable to the gross receipts tax distributable to the general fund.
D. A distribution pursuant to Section 7-1-6.1 NMSA
1978 shall be made to the state aviation fund from the net
receipts attributable to the gross receipts tax distributable
to the general fund in an amount equal to:
(1) eighty thousand dollars ($80,000) monthly from July 1, 2007 through June 30, 2008;
(2) one hundred sixty-seven thousand dollars
($167,000) monthly from July 1, 2008 through June 30, 2009; and
(3) two hundred fifty thousand dollars
($250,000) monthly after July 1, 2009."
SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2016.
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