summary
Introduced
01/17/2017
01/17/2017
In Committee
02/05/2017
02/05/2017
Crossed Over
02/07/2017
02/07/2017
Passed
Dead
03/18/2017
03/18/2017
Introduced Session
2017 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; INCREASING THE GASOLINE TAX BY TEN CENTS ($.10) AND THE SPECIAL FUEL EXCISE TAX BY FIVE CENTS ($.05); DISTRIBUTING THE NEW REVENUE TO THE STATE ROAD FUND AND THE LOCAL GOVERNMENTS ROAD FUND, EXCEPT AMOUNTS TO BE DISTRIBUTED TO THE TAX STABILIZATION RESERVE UNTIL STATE RESERVES REACH TEN PERCENT; CONFORMING SECTION 67-3-28.2 NMSA 1978 (BEING LAWS 1986, CHAPTER 20, SECTION 125, AS AMENDED).
AI Summary
This bill increases the gasoline tax by ten cents ($.10) per gallon and the special fuel excise tax by five cents ($.05) per gallon. The new revenue will be distributed to the State Road Fund and the Local Governments Road Fund, except for amounts that will be distributed to the Tax Stabilization Reserve until state reserves reach 10% of the total general fund appropriations for the current fiscal year. The bill also makes changes to the distribution formulas for the State Aviation Fund, Motorboat Fuel Tax Fund, and the distributions to municipalities and counties.
Committee Categories
Budget and Finance, Transportation and Infrastructure
Sponsors (2)
Last Action
[LD 10] Referred to House Taxation & Revenue (on 01/26/2017)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=95&year=17 |
| BillText | http://www.nmlegis.gov/Sessions/17%20Regular/bills/senate/SB0095.pdf |
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