64
      Tuesday
      90 / 63
      Wednesday
      93 / 65
      Thursday
      95 / 67

      Gasoline tax increase proposed for N.M. road projects

      SANTA FE, N.M. (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.

      (Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)