This bill amends existing laws related to public finance in New Mexico, specifically focusing on the distribution of excess extraction taxes and federal mineral leasing revenues. It mandates that fifty percent of the balance of the Excess Extraction Taxes Suspense Fund that exceeds the annual average amount be transferred to the Behavioral Health Trust Fund for three years. Additionally, it increases the annual transfer amount to the Early Childhood Education and Care Program Fund from the Early Childhood Education and Care Fund and requires reporting on expenditures from this fund. Furthermore, it stipulates that fifty percent of the money received under the Federal Mineral Leasing Act that exceeds the annual average amount will be distributed to the Medicaid Trust Fund for three years.

The bill also outlines specific provisions for the Early Childhood Education and Care Fund and the Early Childhood Education and Care Program Fund, including the creation of a reporting requirement for expenditures from the program fund starting in 2025. It establishes a distribution framework for excess funds received from the Federal Mineral Leasing Act, with a focus on supporting early childhood education and care initiatives. The effective date for the provisions of Sections 1 and 2 is set for July 1, 2025, while the provisions related to the Medicaid Trust Fund are contingent upon the passage of related legislation by that date.

Statutes affected:
introduced version: 9-29A-1
Final Version: 6-4-27, 9-29A-1, 9-29A-2, 9-29A-3