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.
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