summary
Introduced
01/18/2017
01/18/2017
In Committee
01/29/2017
01/29/2017
Crossed Over
Passed
Dead
03/18/2017
03/18/2017
Introduced Session
2017 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; INCREASING AND INDEXING THE GASOLINE AND SPECIAL FUEL EXCISE TAXES; CREATING THE STATE ROAD MAINTENANCE FUND; DISTRIBUTING ONE-HALF OF THE NEW REVENUE TO MUNICIPALITIES AND COUNTIES FOR MAINTENANCE AND REPAIR OF EXISTING TRANSPORTATION INFRASTRUCTURE; DISTRIBUTING ONE-HALF OF THE NEW REVENUE TO THE TAX STABILIZATION RESERVE UNTIL THE PRICE OF OIL EXCEEDS AN AVERAGE OF SIXTY-SEVEN DOLLARS ($67.00) PER BARREL FOR SIX MONTHS, THEN DISTRIBUTING ONE-HALF OF THE NEW REVENUE TO THE STATE ROAD MAINTENANCE FUND; CONFORMING SECTION 67-3-28.2 NMSA 1978 (BEING LAWS 1986, CHAPTER 20, SECTION 125, AS AMENDED); REPEALING THE TAXPAYERS DIVIDEND FUND; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
AI Summary
This bill increases and indexes the gasoline and special fuel excise taxes in New Mexico. It creates the State Road Maintenance Fund and distributes half of the new revenue to municipalities and counties for maintenance and repair of existing transportation infrastructure, and the other half to the Tax Stabilization Reserve until the price of oil exceeds an average of $67 per barrel for six months, at which point the other half will be distributed to the State Road Maintenance Fund. The bill also repeals the Taxpayers Dividend Fund and makes an appropriation, declaring an emergency.
Committee Categories
Budget and Finance, Transportation and Infrastructure
Sponsors (2)
Last Action
[LD 13] Referred to Senate Finance (on 01/29/2017)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=132&year=17 |
| BillText | http://www.nmlegis.gov/Sessions/17%20Regular/bills/senate/SB0132.pdf |
Loading...