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SB 276: CAR TAX FOR ROAD PROJECTS & PROJECTS 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 In Each Of The Six State Transportation Commission Districts; Creating The Highway District Projects Fund; Authorizing The Issuance Of Highway District Projects Bonds; Making An Appropriation.

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MILD SB 276
CAR TAX FOR ROAD PROJECTS & PROJECTS FUND

Legislative URL:
SB 276 on nmlegis.gov
Emergency Clause:
No
Germane:
Yes
Location:
SCORC
Action:
[7] SCC/SCORC/SFC-SCC [8]germane-SCORC API.
Issue(s):

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
SCC Committee Report
Fiscal Impact Report
Summary

This bill provides for a temporary increase, through June 30, 2031, in the motor vehicle excise tax from three percent to five percent. The additional two percent will be distributed to the Highway District Projects Fund.

The Highway District Projects Fund is created, with money in the fund used solely to meet the obligations of Highway District Projects Bonds issued to accomplish major investment highway projects in each of the six State Transportation Commission districts.

The State Transportation Commission is authorized to issue and sell Highway District Projects Bonds
to fund specific highway and bridge reconstruction and rehabilitation projects in the six State Transportation Commission districts.

A possible benefit of this bill might be improved statewide transportation infrastructure due to increased funding for highway and bridge projects.