NM SB2

Authorizes $1.5 billion in additional bonding authority for the State Transportation Commission to finance state highway projects identified in the Statewide Transportation Improvement Program, with annual bond issuances averaging no more than $290 million

Increases passenger vehicle registration fees to $33.75-$70.00 depending on vehicle weight, with reduced rates ($26.25-$56.25) for vehicles registered more than five years

Imposes new annual registration fees on electric vehicles ($70 in 2027, increasing to $90 by 2029) and plug-in hybrid electric vehicles ($35 in 2027, increasing to $45 by 2029), with proceeds directed to the State Road Fund

Increases the weight distance tax for commercial motor vehicles (excluding buses) based on a tiered schedule from 14.86 to 59.10 mills per mile depending on gross vehicle weight

Requires the Department of Transportation to include detailed project justification reports in annual budget requests, covering traffic data, pavement conditions, economic impacts, and bond program effects on construction and maintenance