HB 146/a TRANSPORTATION TRUST FUND

Rep Cathrynn N Brown

Actions: [2] HTPWC/HAFC-HTPWC [4] DP/a-HAFC

Scheduled: Not Scheduled

 House Bill 146 (HB 146) creates the Transportation Trust Fund (TTF); makes annual transfers to the state road fund for certain projects prioritized by the Department of Transportation (DOT); transfers certain unexpended capital outlay balances to the TTF; distributes a portion of gross receipts tax revenue attributable to the sale of electricity to the TTF; amends distributions of the motor vehicle excise tax; and makes an appropriation. 

 House Bill 146 (HB 146) creates the Transportation Trust Fund (TTF); makes annual transfers to the state road fund for certain projects prioritized by the Department of Transportation (DOT); transfers certain unexpended capital outlay balances to the TTF; distributes a portion of gross receipts tax revenue attributable to the sale of electricity to the TTF; amends distributions of the motor vehicle excise tax; and makes an appropriation.

The TTF is created as a non-reverting fund in the State Treasury. The fund consists of distributions, appropriations, gifts, grants and donations.
The State Investment Officer is charged with investing money in the TTF in accordance with the prudent investor rule set forth in the Uniform Prudent Investor Act, and must submit annual reports to the Legislative Finance Committee (LFC), the State Investment Council, the Revenue Stabilization and Tax Policy Committee, and any other appropriate interim committees.

Beginning July 1, 2027, and each July 1 thereafter, transfers are to be made from the TTF to the State Road Fund, to be used only for projects meeting certain criteria. Monies from the TTF may also be expended if General Fund balances are not sufficient.

A new section of Chapter 6, Article 4 NMSA 1978 is enacted to mandate that certain unexpended balances in the General Fund be transferred to the TTF.

A new section of the Tax Administration Act, Section 7-1-6.72 NMSA 1978 is enacted to specify required distributions to the TTF.

Section 7-14-10 NMSA 1978 is amended to specify requirements regarding the distribution of proceeds from taxes and any associated interest and penalties.

Four hundred million dollars ($400,000,000) is appropriated from the General Fund to the TTF to provide initial funding.

 

 If the bill does not pass, the TTF will not be created or provided with initial funding, and alternative resources will need to be found to meet the goals specified. 

 Amended January 25, 2024 in Transportation, Public Works and Capital Improvements Committee

HTPWCa/HB 146: The Transportation, Public Works and Capital Improvements Committee amends HB 146 as follows:

•	On page 1, strike all of line 13 and on line 14, strike "TRANSPORTATION" and insert in lieu thereof "PROVIDING STATE MATCHING FUNDS FOR FEDERAL GRANTS". 

•	On page 2, line 21, strike "for projects", strike all of lines 22 through 25 and on page 3, strike all of line 1 and insert in lieu thereof "to provide state matching funds for federal grants for transportation infrastructure projects.".
 

 House Bill 40 (HB 40) - Intrastate Airline Task Force
House Bill 42 (HB 42) - Transportation Trust Fund
House Bill 41 (HB 41) - Clean Transportation Fuel Standards
Senate Bill 201 (SB 201) - Transportation Regulations