HB 410: MOTOR TAX FOR HIGHWAY PROJECTS AND PROJECT FUND
An Act Relating To Taxation; Providing For A Temporary Increase In The Motor Vehicle Excise Tax To Fund The Completion Of Major Investment Highway Projects; Creating The Major Investment Highway Project Fund; Authorizing The Issuance Of Major Investment Highway Project Bonds; Making An Appropriation
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HB 410
MOTOR TAX FOR HIGHWAY PROJECTS AND PROJECT FUND
- Legislative URL:
- HB 410 on nmlegis.gov
- Emergency Clause:
- No
- Germane:
- N/A
- Location:
- - OTHER -
- Action:
- [14] HTPWC/HTRC/HAFC-HTPWC [24] DP-HTRC API.
- Issue(s):
- Transportation
Related Legislators
- Bill Sponsor:
- Patricia Lundstrom
Related Documents
Summary
Under this measure, the motor vehicle excise tax (a tax on vehicle and manufactured home sales) will increase from 3% to 4% until July 1, 2028. Until that time, 75% of the net receipts from the motor vehicle excise tax will be distributed to the general fund and 25% will be distributed to the Major Investment Highway Project Fund, also created under this measure. The fund will be used in conjunction with the issuance of bonds and eventually revert to the State Road Fund. The State Road Fund is used for the acquisition of rights of way, planning, design, engineering, construction, improvement and maintenance for state highway projects.
The Department of Transportation is authorized to issue “major investment highway project bonds,” the proceeds of which will be used for authorized major investment highway projects, which include construction, reconstruction and improvement projects on I-25 and U.S. Routes 54, 64, 68, 70, 87, and 491. A total of $300,000,000 is authorized for those projects.
A possible concern raised by this bill might be that no alternative transportation projects are included and that additional highway improvements might, in some cases, lead to more urban sprawl.
Outcome: HB 410 died in the House Taxation and Revenue Committee.
Date of Summary: 2/5/13; Updated 5/21/13