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§ 7-14-10 NMSA 1978

Distribution of proceeds

Known as the Motor Vehicle Excise Tax Act

The act spans §§ 7–7 (14 sections).

1978 Comp., § 7-14-10, enacted by Laws 1988, ch. 73, § 20; 1991, ch. 9, § 35; 1993, ch. 347, § 3; 1994, ch. 5, § 25; 2018, ch. 3, § 1; 2019, ch. 270, § 45; 2021, ch. 22, § 1.

The receipts from the tax and any associated interest and penalties shall be deposited in the "motor vehicle suspense fund", hereby created in the state treasury. As of the end of each month, the net receipts attributable to the tax and associated penalties and interest shall be distributed as follows:

A. fifty-nine and thirty-nine hundredths percent to the general fund;

B. twenty-one and eighty-six hundredths percent to the state road fund; and

C. eighteen and seventy-five hundredths percent to the transportation project fund.

Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.