SENATE BILL 648

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

Ben D. Altamirano

AN ACT

RELATING TO TAXATION; CREATING THE TRANSIT FUND; PROVIDING FOR DISTRIBUTION OF A PERCENTAGE OF THE MOTOR VEHICLE EXCISE TAX TO THE TRANSIT FUND; MAKING AN APPROPRIATION.

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:

          A. ninety-six and one-half percent of the total net receipts attributable to the tax and associated penalties and interest shall be distributed to the general fund; and

          B. three and one-half percent of the total net receipts attributable to the tax and associated penalties and interest shall be distributed to the transit fund."

     Section 2. [NEW MATERIAL] TRANSIT FUND.--

          A. The "transit fund" is created in the state treasury. The fund shall consist of appropriations, gifts, grants, donations and bequests. Money in the fund shall be appropriated to the department of transportation to:

                (1) pay for costs for the safe, economical commuting alternative program and for the park and ride program;

                (2) distribute money to regional transit districts for costs incurred by those districts; and

                (3) provide an equal match for transit programs that receive federal funding pursuant to the federal Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users; provided that local matches required for those programs pursuant to that federal act are met.

          B. Disbursements from the transit fund shall be by warrant of the secretary of finance and administration upon vouchers signed by the secretary of transportation or the secretary's designated representative. Money in the fund shall not revert to the general fund at the end of a fiscal year.

     Section 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2006.

- 2 -