The bill aims to enhance early childhood funding in New Mexico by transferring the balance of the Early Childhood Education and Care Fund to the newly established Early Childhood Trust Fund. It amends existing laws to recompile and expand the purposes for which funds can be utilized, specifically including prenatal programs and services. The bill also outlines the distribution of excess tax revenues to the Early Childhood Trust Fund and the Severance Tax Permanent Fund, ensuring that funds are allocated effectively to support early childhood initiatives.

Key changes in the bill include the deletion of references to "education and care" in favor of the broader "trust fund" terminology, which reflects a shift in focus towards a more comprehensive approach to early childhood services. Additionally, the bill stipulates that the Early Childhood Trust Fund will consist of various sources of income, including distributions, appropriations, gifts, and grants, and emphasizes that funds will be used exclusively for prenatal and early childhood programs and services. The bill's provisions will take effect only upon the successful amendment of the New Mexico Constitution to create the Early Childhood Trust Fund.

Statutes affected:
introduced version: 6-4-27, 6-4-27.1, 9-29A-1, 6-4-35