HOUSE BILL 188
54th legislature - STATE OF NEW MEXICO - first session, 2019
Cathrynn N. Brown
RELATING TO TAXATION; INCREASING THE DISTRIBUTION OF MOTOR VEHICLE EXCISE TAX REVENUE TO THE STATE ROAD FUND OVER MULTIPLE YEARS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 7-14-10 NMSA 1978 (being Laws 1988, Chapter 73, Section 20, as amended) is amended to read:
"7-14-10. DISTRIBUTION OF PROCEEDS.--The receipts from the tax and any associated interest and penalties shall be deposited in the "motor vehicle suspense fund", hereby created in the state treasury. As of the end of each month, the net receipts attributable to the tax and associated penalties and interest shall be distributed as follows:
A. [four and fifteen-hundredths] beginning July 1, 2019 and prior to July 1, 2020:
(1) twenty-five percent to the state road fund; and
[B. the remainder] (2) seventy-five percent to the general fund;
B. beginning July 1, 2020 and prior to July 1, 2021:
(1) fifty percent to the state road fund; and
(2) fifty percent to the general fund;
C. beginning July 1, 2021 and prior to July 1, 2022:
(1) seventy-five percent to the state road fund; and
(2) twenty-five percent to the general fund; and
D. beginning July 1, 2022, one hundred percent to the state road fund."
SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2019.
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