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NM HB322
Bill
Status
Introduced
2/4/2026
Primary Sponsor
Cathrynn Brown
Click for details
AI Summary
- Creates the Transportation Trust Fund as a nonreverting fund managed by the state investment officer, with annual distributions of 5% of the three-year average market value beginning July 1, 2029 to the Transportation Program Fund
- Creates the Transportation Program Fund administered by the Department of Transportation to provide matching funds for federal transportation infrastructure grants authorized by the legislature
- Appropriates $400 million from the general fund as initial seed funding for the Transportation Trust Fund in fiscal year 2027
- Dedicates a portion of gross receipts tax revenue from electricity sales to the Transportation Trust Fund, increasing from 1% before July 2032 to 2% after July 2047
- Redirects 20-30% of motor vehicle excise tax revenue to the Transportation Trust Fund starting July 1, 2026, eliminating the current 30% allocation to the general fund
Legislative Description
Transportation Trust Fund & Program Fund
Last Action
HTPWC: Reported by committee with Do Pass recommendation with amendment(s)
2/12/2026
Committee Referrals
Transportation & Public Works2/4/2026
Full Bill Text
No bill text available