MILD
SB 656
RAISE GAS TAX & CREATE ROAD MAINTENANCE FUND
- Legislative URL:
- SB 656 on nmlegis.gov
- Emergency Clause:
- No
- Germane:
- N/A
- Location:
- SFC
- Action:
- [10] 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.
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.
The State Road Maintenance Fund is created, administered by the Department of Transportation (DOT). Money in the fund is subject to appropriation by the Legislature only to the DOT for reconstruction, resurfacing or other improvement or maintenance of existing public roads, streets, alleys or bridges, including right-of-way and materials acquisition. Distributions will be made to the new fund equal to 11.37 percent of gasoline tax net receipts and 9.62 percent of special fuels taxes.
A possible benefit of this bill might be significant improvement of the state’s transportation infrastructure through increased funding 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 656 is similar to HB 58, HB 262 and SB 394.