This bill establishes the "university school of medicine fund" as a nonreverting 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 will be administered by the health care authority and is intended to provide financial support for the construction and reconstruction of the University of New Mexico School of Medicine. Additionally, the bill mandates that the University of New Mexico School of Medicine will deposit four million dollars annually into this fund from 2025 to 2034, with the stipulation that these deposits cannot come from state appropriations.

The bill also amends existing law regarding the distribution of governmental gross receipts tax revenues. Specifically, it removes the reference to the "department of health" and replaces it with "health care authority" in the context of the tax distribution. This change reflects the new allocation of funds to the university school of medicine fund, ensuring that a portion of the tax revenue is directed specifically to support the medical school. The effective date for the provisions of this act is set for July 1, 2025.

Statutes affected:
introduced version: 7-1-6.38