This bill establishes the "university school of medicine fund" within the state treasury, which will be funded through distributions from the governmental gross receipts tax attributable to hospitals licensed by the health care authority. The fund is designed to support the construction and reconstruction of the University of New Mexico School of Medicine. The health care authority will administer the fund, and expenditures will require legislative appropriation and approval from the secretary of health care authority.

Additionally, the bill mandates that from July 1, 2025, through July 1, 2034, the University of New Mexico School of Medicine must deposit $4 million annually into the university school of medicine fund, with the stipulation that these deposits cannot come from state appropriations. The bill also includes a modification to the existing law by removing references to the department of health and replacing it with the health care authority, ensuring that the distribution of funds aligns with the new administrative structure. The effective date for the provisions of this act is set for July 1, 2025.

Statutes affected:
introduced version: 7-1-6.38