CAR TAX FOR ROAD PROJECTS & PROJECTS FUND
- Legislative URL:
- SB 276 on nmlegis.gov
- Emergency Clause:
-  SCC/SCORC/SFC-SCC germane-SCORC API.
- Bill Sponsor:
- Richard Martinez
This bill provides for a temporary increase, through June 30, 2031, in the motor vehicle excise tax from three percent to five percent. The additional two percent will be distributed to the Highway District Projects Fund.
The Highway District Projects Fund is created, with money in the fund used solely to meet the obligations of Highway District Projects Bonds issued to accomplish major investment highway projects in each of the six State Transportation Commission districts.
The State Transportation Commission is authorized to issue and sell Highway District Projects Bonds
to fund specific highway and bridge reconstruction and rehabilitation projects in the six State Transportation Commission districts.
A possible benefit of this bill might be improved statewide transportation infrastructure due to increased funding for highway and bridge projects.