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 will now be administered by the New Mexico Department of Agriculture, which will solicit applications for contracts from eligible equine rescue or retirement facilities. The bill specifies that the fund will consist of various sources of revenue, including distributions, appropriations, gifts, and grants. It outlines the purposes for which the fund can be used, such as providing shelter, veterinary care, and adoption services for surrendered or transferred equines. Additionally, the bill mandates that the Department of Agriculture submit an annual report to the legislative finance committee detailing the contracts funded, their progress, and any unallocated funds.

The newly created Equine Welfare Trust Fund will also be a nonreverting fund in the state treasury, consisting of appropriations and other financial contributions. Starting in fiscal year 2027, the fund will distribute four percent of its average year-end market value over the previous three years 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