Posted at: 01/30/2014 11:50 AM
By: The Associated Press
SANTA FE (AP) - New Mexico's tax on gasoline and diesel fuel would increase five cents a gallon under a proposal to help finance highway construction projects across the state.
Legislation sponsored by Democratic Rep. Roberto "Bobby" Gonzales of Taos would raise the gasoline tax from 17 cents a gallon to 22 cents through June 30, 2024, and then the tax would revert to 17 cents.
The special fuels tax on diesel would go to 26 cents a gallon for the same 10-year period before returning to 21 cents.
The tax revenue would allow the state to issue up to $300 million in bonds for major highway improvements.
Among the authorized projects would be widening Interstate 25 in part of the Albuquerque area and four-lane construction of U.S. 491 in northwestern New Mexico.
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