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NMSA 1978 Chapter 7 — Taxation

NMSA 1978, § 7-14-10

Distribution of proceeds

Official textnmonesource.comlast amended

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.

Amendment history

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.

Source: official source (NMSA chapter on nmonesource.com)

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In this article (14 sections)
  1. 7-14-1 · Short title
  2. 7-14-2 · Definitions
  3. 7-14-3 · Imposition of motor vehicle excise tax
  4. 7-14-4 · Determination of amount of motor vehicle excise tax
  5. 7-14-5 · Time of payment of tax
  6. 7-14-6 · Exemptions from tax
  7. 7-14-7 · Credit against tax
  8. 7-14-7.1 · 7-14-7.1
  9. 7-14-8 · Imposition of penalty for failure to make timely application
  10. 7-14-9 · Refunds; procedures
  11. 7-14-9.1 · Protests
  12. 7-14-9.2 · Penalties for failure to submit report or to pay; interest
  13. 7-14-10 · Distribution of proceeds
  14. 7-14-11 · Administration by department; authority of department
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