New Mexico legislation · 2026 Regular Session
New Mexico SB2: STATE HIGHWAY PROJECT BONDS
Status: Signed into law, February 5, 2026
What the bill says
An act relating to the financing of highway projects; providing additional bonding authority to the state transportation commission for state highway projects identified in the statewide transportation improvement program; requiring the department of transportation to include a report on highway project selection and priorities financed by bonds in its annual budget request; increasing the weight distance tax for motor vehicles other than buses; increasing registration fees for passenger vehicles…
From the enrolled text, February 7, 2026:
AN ACT RELATING TO THE FINANCING OF HIGHWAY PROJECTS; PROVIDING ADDITIONAL BONDING AUTHORITY TO THE STATE TRANSPORTATION COMMISSION FOR STATE HIGHWAY PROJECTS IDENTIFIED IN THE STATEWIDE TRANSPORTATION IMPROVEMENT PROGRAM; REQUIRING THE DEPARTMENT OF TRANSPORTATION TO INCLUDE A REPORT ON HIGHWAY PROJECT SELECTION AND PRIORITIES FINANCED BY BONDS IN ITS ANNUAL BUDGET REQUEST; INCREASING THE WEIGHT DISTANCE TAX FOR MOTOR VEHICLES OTHER THAN BUSES; INCREASING REGISTRATION FEES FOR PASSENGER VEHICLES; REQUIRING ADDITIONAL REGISTRATION FEES FOR ELECTRIC AND PLUG-IN HYBRID ELECTRIC VEHICLES AND DISTRIBUTING THE ADDITIONAL FEES TO THE STATE ROAD FUND; ADJUSTING CERTAIN FORMULAIC DISTRIBUTIONS OF MOTOR VEHICLE FEES. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. Section 7-15A-6 NMSA 1978 (being Laws 1988, Chapter 73, Section 33, as amended) is amended to read: "7-15A-6. TAX RATE FOR MOTOR VEHICLES OTHER THAN BUSES--REDUCTION OF RATE FOR ONE-WAY HAULS.-- A. For on-highway operations of motor vehicles other than buses, the weight distance tax shall be computed in accordance with the following schedule: Declared Gross Weight Tax Rate (Gross Vehicle Weight) (Mills per Mile) SB Page 26,001 to 28,000 14.86 28,001 to 30,000 16.04 30,001 to 32,000 17.24 32,001 to 34,000 18.41 34,001 to 36,000 19.60 36,001 to 38,000 20.78 38,001 to 40,000 22.59 40,001 to 42,000 24.37 42,001 to 44,000 26.14 44,001 to 46,000 27.93 46,001 …
Sponsors
- Roberto "Bobby" J. Gonzales (D, SD-006) · primary sponsor