SENATE BILL 487
54th legislature - STATE OF NEW MEXICO - first session, 2019
Stuart Ingle and John Arthur Smith
RELATING TO TAXATION; REPEALING DEDUCTIONS FROM GROSS RECEIPTS AND FROM THE COMPENSATING TAX FOR LOCOMOTIVE FUEL; PROVIDING A DISTRIBUTION TO THE STATE ROAD FUND OF GROSS RECEIPTS TAX AND COMPENSATING TAX RECEIPTS ATTRIBUTABLE TO THE SALE OR USE OF LOCOMOTIVE FUEL; TEMPORARILY INCREASING DISTRIBUTIONS TO THE STATE ROAD FUND FROM THE MOTOR VEHICLE SUSPENSE FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of the Tax Administration Act is enacted to read:
"[NEW MATERIAL] DISTRIBUTION--GROSS RECEIPTS TAX AND COMPENSATING TAX ATTRIBUTABLE TO LOCOMOTIVE FUEL.--
A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state road fund in an amount equal to:
(1) the net receipts attributable to the gross receipts tax on the sale of locomotive fuel; and
(2) the net compensating tax receipts attributable to the use of locomotive fuel.
B. As used in this section:
(1) "locomotive engine" means a wheeled vehicle consisting of a self-propelled engine that is used to draw trains along railway tracks; and
(2) "locomotive fuel" means fuel loaded or used by a common carrier in a locomotive engine."
SECTION 2. 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. prior to July 1, 2022:
(1) thirty-three percent to the state road fund; and
(2) the remainder to the general fund; and
B. beginning July 1, 2022:
(1) four and fifteen-hundredths percent to the state road fund; and
[B.] (2) the remainder to the general fund."
SECTION 3. REPEAL.--Sections 7-9-110.1 through 7-9-110.3 NMSA 1978 (being Laws 2011, Chapter 60, Section 1 and Laws 2011, Chapter 61, Section 1; Laws 2011, Chapter 60, Section 2 and Laws 2011, Chapter 61, Section 2; and Laws 2011, Chapter 60, Section 3 and Laws 2011, Chapter 61, Section 3, as amended) are repealed.
SECTION 4. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2019.
- 3 -