Section 7-1-6.7 - Distribution; state aviation fund. - New Mexico Statutes

7-1-6.7. Distribution; state aviation fund.

A.     A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state aviation fund in an amount equal to four and seventy-nine hundredths percent of the taxable gross receipts attributable to the sale of fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department.

B.     A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state aviation fund in an amount equal to twenty-six hundredths percent of gasoline taxes, exclusive of penalties and interest, collected pursuant to the Gasoline Tax Act [7-13-1 NMSA 1978]. 

C.     From July 1, 2002 through June 30, 2012, a distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state aviation fund in an amount equal to forty-six thousandths percent of the net receipts attributable to the gross receipts tax distributable to the general fund. 

D.     A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state aviation fund from the net receipts attributable to the gross receipts tax distributable to the general fund in an amount equal to:

(1)     eighty thousand dollars ($80,000) monthly from July 1, 2007 through June 30, 2008; 

(2)     one hundred sixty-seven thousand dollars ($167,000) monthly from July 1, 2008 through June 30, 2009; and 

(3)     two hundred fifty thousand dollars ($250,000) monthly after July 1, 2009.