Bill > SB394

This bill, titled "Increase & index gas tax for road projects," proposes to amend existing New Mexico laws to increase and adjust the state's gasoline and special fuel excise taxes, with the primary goal of funding road projects. Key provisions include raising the gasoline tax from seventeen cents to twenty-seven cents per gallon starting July 1, 2015, and then annually adjusting it based on a construction cost index, ensuring it doesn't decrease from the previous year's rate, with a similar adjustment mechanism applied to the special fuel excise tax. The bill also reallocates a portion of these taxes, reducing the percentage that goes to the state aviation fund and the motorboat fuel tax fund, while increasing the percentage distributed to municipalities and counties for road construction, reconstruction, resurfacing, and maintenance. Additionally, it creates a new distribution of gasoline taxes specifically for municipalities and counties, totaling eighteen and fifty-two hundredths percent of net receipts, to be used for road maintenance and repair, with specific allocation methods for municipalities and counties based on taxable motor fuel sales. These changes are intended to provide more funding for public road infrastructure across the state.