summary
Introduced
05/24/2017
05/24/2017
In Committee
05/26/2017
05/26/2017
Crossed Over
05/26/2017
05/26/2017
Passed
05/26/2017
05/26/2017
Dead
Vetoed
05/27/2017
05/27/2017
Introduced Session
2017 1st Special Session
Bill Summary
AN ACT RELATING TO TAXATION; DELAYING REDUCTION OF THE CORPORATE INCOME TAX RATES; DELAYING SINGLE SALES APPORTIONMENT OF INCOME FOR MANUFACTURERS; INCREASING THE GASOLINE TAX, THE SPECIAL FUEL EXCISE TAX AND THE MOTOR VEHICLE EXCISE TAX; DISTRIBUTING REVENUE FROM THE INCREASES TO THE TAX STABILIZATION RESERVE UNTIL STATE RESERVE FUNDS REACH FIVE PERCENT, TO MUNICIPALITIES AND COUNTIES FOR MAINTENANCE AND REPAIR OF EXISTING TRANSPORTATION INFRASTRUCTURE AND TO THE STATE ROAD MAINTENANCE FUND; CREATING THE STATE ROAD MAINTENANCE FUND; SETTING THE PETROLEUM PRODUCTS LOADING FEE AT ONE HUNDRED FIFTY DOLLARS ($150) AND DISTRIBUTING A PORTION OF THE FEE TO THE TAX STABILIZATION RESERVE UNTIL STATE RESERVE FUNDS REACH FIVE PERCENT; IMPOSING A WEIGHT DISTANCE TAX IDENTIFICATION PERMIT TAX AND DISTRIBUTING THE REVENUE TO THE TAX STABILIZATION RESERVE UNTIL STATE RESERVE FUNDS REACH FIVE PERCENT; MAKING AN APPROPRIATION.
AI Summary
This bill proposes several tax changes in New Mexico:
It delays the reduction of corporate income tax rates and the single sales apportionment of income for manufacturers. It increases the gasoline tax, special fuel excise tax, and motor vehicle excise tax, with the revenue distributed to the tax stabilization reserve until state reserve funds reach 5%, to municipalities and counties for maintenance and repair of existing transportation infrastructure, and to a new state road maintenance fund. It sets the petroleum products loading fee at $150 per load, with a portion of the revenue going to the tax stabilization reserve until state reserves reach 5%. It also imposes a new weight distance tax identification permit tax, with the revenue distributed to the tax stabilization reserve until state reserves reach 5%. The bill also makes an appropriation.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
[LD 4] Vetoed by the Governor and date. (on 05/27/2017)
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=2&year=17s |
| BillText | http://www.nmlegis.gov/Sessions/17%20Special/bills/senate/SB0002.pdf |
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