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SB 527: INCREASE & INDEX GAS & SPECIAL FUELS TAXES

An Act Relating To Taxation; Incrementally Increasing And Indexing The Gasoline Tax And The Special Fuel Excise Tax.

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MILD SB 527
INCREASE & INDEX GAS & SPECIAL FUELS TAXES

Legislative URL:
SB 527 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
- OTHER -
Action:
[14] SCORC/SFC-SCORC [24] w/o rec-SFC API.
Issue(s):

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
SCORC Committee Report
Fiscal Impact Report
Summary

This bill will incrementally increase and index the gasoline tax and the special fuel excise tax. Beginning in 2019, the gasoline tax increases from the current $.17/gallon to $.27/gallon by 2024 and is then indexed. Beginning in 2019, the special fuels tax increases from the current $.21/gallon to $.31/gallon by 2024 and is then indexed.

 

One potential benefit of this bill might be that it could increase New Mexico’s revenues. Another is that as taxes on fuel increase, the public may demand more fuel-efficient vehicles and/or make their driving habits more efficient.

 

This bill is not a companion to House Bill 604 but does increase the same taxes.

 

Date of Summary:  2/16/2013