SENATE BILL 20
55th legislature - STATE OF NEW MEXICO - first session, 2021
Roberto "Bobby" J. Gonzales
RELATING TO TAXATION; CHANGING A DISTRIBUTION OF THE MOTOR VEHICLE EXCISE TAX FROM THE LOCAL GOVERNMENTS ROAD FUND TO THE TRANSPORTATION PROJECT FUND.
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. prior to July 1, 2021:
(1) seventy-one and eighty-nine hundredths percent to the general fund;
(2) three and eleven hundredths percent to the state road fund; and
(3) twenty-five percent to the department of transportation, for expenditures needed to mitigate the emergency road conditions related to activity in the oil field in state transportation commission district 2; and
B. beginning July 1, 2021:]
[(1)] A. fifty-nine and thirty-nine hundredths percent to the general fund;
[(2)] B. twenty-one and eighty-six hundredths percent to the state road fund; and
[(3)] C. eighteen and seventy-five hundredths percent to the [local governments road] transportation project fund."
SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2021.
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