This 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 amendments include the replacement of "education and care" with "trust fund" in various sections, thereby rebranding the fund to reflect its new focus. Additionally, the bill increases the minimum annual distribution from the trust fund to $500 million, up from $250 million, to better support early childhood programs. The bill's provisions will take effect only if a constitutional amendment creating the Early Childhood Trust Fund is approved, ensuring that the fund is used exclusively for prenatal and early childhood programs and services.

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