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NM SB213

Bill

Official Source

Status

Introduced

2/2/2026

Primary Sponsor

George Munoz

Click for details

Origin

Senate

2026 Regular Session

AI Summary

  • Indexes the gasoline tax ($0.17/gallon), special fuel excise tax ($0.21/gallon), and weight distance tax to inflation beginning July 1, 2028
  • Requires the department to calculate new tax rates annually by April 30, based on changes in the Consumer Price Index for all urban consumers
  • Tax rates are adjusted by multiplying base rates by the ratio of the previous year's CPI to the 2026 CPI, rounded down to the nearest whole cent
  • Includes a floor provision ensuring tax rates cannot decrease below the previous year's rate
  • Weight distance tax rates vary by vehicle weight class, ranging from 11.01 to 43.78 mills per mile for motor vehicles and 11.01 to 27.29 mills per mile for buses

Legislative Description

Index Gas, Weight & Special Fuels Taxes

Last Action

SCC: Reported by committee to fall within the purview of a 30 day session

2/3/2026

Committee Referrals

Committees2/2/2026

Full Bill Text

No bill text available