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SB 251: INCREASE GAS & SPECIAL FUEL TAX

An Act Relating To Taxation; Increasing The Gasoline Tax And The Special Fuel Excise Tax By Five Cents ($.05).

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MILD SB 251
INCREASE GAS & SPECIAL FUEL TAX

Legislative URL:
SB 251 on nmlegis.gov
Emergency Clause:
No
Germane:
Yes
Location:
SFC
Action:
[6] SCC/SCORC/SFC-SCC [7]germane-SCORC [16] w/drn-SFC API.
Issue(s):

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
SCC Committee Report
Fiscal Impact Report
Summary

This bill will, effective July 1, 2016:
• increase the gasoline tax from the current $.17/gallon to $.22/gallon; and
• increase the special fuels tax from the current $.21/gallon to $.26/gallon.

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.