INDEX GAS, WEIGHT & SPECIAL FUELS TAXES

SB 213 indexes New Mexico's gasoline tax, weight distance tax (for commercial vehicles), and special fuel excise tax to inflation starting July 1, 2028. It requires annual adjustments based on the Consumer Price Index (CPI), calculated by multiplying the current rate by (previous year's CPI / 2026 CPI), rounded down to the nearest cent, while ensuring rates never drop below the previous year's level. This directly affects gasoline retailers, commercial trucking companies, and businesses using special fuels (like diesel or propane) by tying tax rates to inflation rather than fixed amounts. The bill updates existing tax statutes to implement this automatic adjustment mechanism, preventing the real value of these taxes from eroding over time.