HOUSE BILL 857

44TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 1999

INTRODUCED BY

Ben Lujan

AN ACT

RELATING TO PUBLIC SCHOOL CAPITAL FUNDING; DISTRIBUTING A PERCENTAGE OF MOTOR VEHICLE EXCISE TAX REVENUES TO THE PUBLIC SCHOOL CAPITAL OUTLAY 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 [~~to the general fund~~] as follows:

A. one-third to the public school capital outlay fund for the purposes of the Public School Capital Outlay Act; and

B. two-thirds to the general fund."

Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 1999.

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