MILD
SB 394
INCREASE & INDEX GAS TAX FOR ROAD PROJECTS
- Legislative URL:
- SB 394 on nmlegis.gov
- Emergency Clause:
- No
- Germane:
- N/A
- Location:
- SFC
- Action:
- [4] SCORC/SFC-SCORC [22] w/o rec-SFC API.
- Issue(s):
- Transportation
Related Legislators
- Bill Sponsor:
- John Arthur Smith
Related Documents
- Downloads:
-
Introduced
SCORC Committee Report
Fiscal Impact Report
Summary
This bill reduces, on a percentage basis, special fuel and gasoline tax distributions to the State Aviation Fund, the Motorboat Fuel Tax Fund, municipalities and counties, the County Government Road Fund and the Local Governments Road Fund; and it increases distributions to the State Road Fund.
It provides additional revenue by increasing the gasoline tax from $.17 to $.27 per gallon, and the special fuel excise tax from $.21 to $,31 per gallon, beginning on July 1, 2015, and by indexing both taxes beginning on July 1, 2016.
Most of that additional revenue goes to for the State Road Fund. But the bill also creates a new distribution, equal to 18.52 percent of the net receipts attributable to the taxes imposed by the Gasoline Tax Act, to municipal and county road funds for reconstruction, resurfacing or other improvement or maintenance of existing public roads, streets, alleys or bridges, including right-of-way and materials acquisition.
A possible benefit of this bill might be significant improvement of the state’s transportation infrastructure through increased funding for highway projects and for maintenance and improvement of existing roads. Another might be that increased gasoline taxes may increase demand for more fuel-efficient vehicles. A concern might be the absence of provisions for mass transit or alternative transportation projects.
SB 394 is similar to HB 58 and HB 262.