Bill > SB27

This bill modifies the distribution of motor vehicle excise tax revenues by eliminating the current 59.39% allocation to the general fund and instead redirecting those funds to the state road fund. Specifically, the bill changes the monthly distribution of motor vehicle excise tax receipts from the previous breakdown (which included a general fund allocation) to a new structure where 81.25% of the net receipts will go to the state road fund, and 18.75% will continue to be allocated to the transportation project fund. The legislation will take effect on July 1, 2026, which means the new funding distribution will begin at the start of that fiscal year. This change effectively increases the funding available for road and transportation infrastructure by reallocating money previously sent to the general fund, potentially allowing for more road maintenance, improvements, and transportation-related projects in New Mexico.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=27&year=25