The bill amends existing provisions related to the Equine Shelter Rescue Fund and establishes a new Equine Welfare Trust Fund in New Mexico. The Equine Shelter Rescue Fund is created as a nonreverting fund in the state treasury, consisting of various sources such as distributions, appropriations, gifts, and grants. The administration of the fund is transferred from the board to the New Mexico Department of Agriculture, which will solicit applications for contracts from eligible equine rescue or retirement facilities. The bill outlines specific criteria for applicants, including compliance with state regulations and adherence to guidelines set by the American Association of Equine Practitioners. Additionally, the Department of Agriculture is required to submit an annual report detailing the fund's expenditures and the status of contracts.

The newly established Equine Welfare Trust Fund will also be a nonreverting fund in the state treasury, funded through appropriations and other contributions. The bill mandates that starting in fiscal year 2027, a distribution of four percent of the average year-end market values of the Equine Welfare Trust Fund will be made to the Equine Shelter Rescue Fund. This structure aims to enhance the welfare of equines in New Mexico by ensuring a steady flow of resources to support rescue and retirement facilities.

Statutes affected:
introduced version: 77-2-32
CO substitute: 77-2-32