0001| HOUSE BILL 358
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| LORENZO A. LARRANAGA
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0009|
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0010|
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0011| AN ACT
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0012| PROVIDING FOR DISTRIBUTION OF MOTOR VEHICLE EXCISE TAX REVENUES;
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0013| MAKING APPROPRIATIONS.
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0014|
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0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016| Section 1. Section 7-14-10 NMSA 1978 (being Laws 1988,
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0017| Chapter 73, Section 20, as amended) is amended to read:
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0018| "7-14-10. DISTRIBUTION OF PROCEEDS.--The receipts from the
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0019| tax and any associated interest and penalties shall be deposited
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0020| in the "motor vehicle suspense fund", hereby created in the
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0021| state treasury. As of the end of each month, the net receipts
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0022| attributable to the tax and associated penalties and interest
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0023| shall be distributed [to the general fund] as follows:
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0024| A. prior to July 1, 1997, to the general fund;
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0025| B. for the period from July 1, 1997 through June 30,
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0001| 1998, one-third to the state road fund and two-thirds to the
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0002| general fund;
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0003| C. for the period from July 1, 1998 through June 30,
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0004| 1999, two-thirds to the state road fund and one-third to the
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0005| general fund; and
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0006| D. after June 30, 1999, to the state road fund."
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