HOUSE BILL 14

49th legislature - STATE OF NEW MEXICO - first special session, 2009

INTRODUCED BY

Brian F. Egolf

AN ACT

RELATING TO REVENUE; INCREASING THE MOTOR VEHICLE EXCISE TAX; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. Section 7-14-4 NMSA 1978 (being Laws 1988, Chapter 73, Section 14) is amended to read:

     "7-14-4. DETERMINATION OF AMOUNT OF MOTOR VEHICLE EXCISE TAX.--The rate of the motor vehicle excise tax is [three] five percent and is applied to the price paid for the vehicle. If the price paid does not represent the value of the vehicle in the condition that existed at the time it was acquired, the tax rate shall be applied to the reasonable value of the vehicle in such condition at such time. However, allowances granted for vehicle trade-ins may be deducted from the price paid or the reasonable value of the vehicle purchased."

     Section 2. CONTINGENT APPLICABILITY.--

          A. If this act is passed by at least a two-thirds' vote of each house, the provisions of this act apply to motor vehicle sales received beginning on or after January 1, 2010.

          B. If this act is passed by both houses by less than a two-thirds' vote of either house, the provisions of this act apply to motor vehicle sales received beginning on or after February 1, 2010.

     Section 3. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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