House panel OKs tax increase for roads
Posted at: 02/14/2013 3:42 PM
By: The Associated Press
SANTA FE, N.M. (AP) - New Mexico's tax on car and truck purchases would increase to finance $300 million in highway improvements under legislation approved by a House panel.
The motor vehicle excise tax would go from 3 percent to 4 percent until 2028 under the measure endorsed Thursday by the Transportation and Public Works Committee.
If enacted, the increase would provide $42 million next year for bond financing 10 highway projects. Included is widening Interstate 25 near the Arizona border; extra lanes on U.S. 70 in Las Cruces; widening I-25 in Albuquerque and a new interchange at Mesa del Sol; four lanes on U.S. 491 near Tohatchi; improving state Route 68 from Espanola to Velarde; and upgrading U.S. 64 east of Farmington.
The measure must clear two committees to reach the House.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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