The bill establishes the "Equity and Excellence in Education Task Force," which will operate from July 1, 2025, to July 1, 2029. This task force is tasked with developing a long-term vision and plan to ensure that public school students are adequately prepared for post-secondary education and the workforce. It will consist of six legislative members appointed by the New Mexico Legislative Council, alongside various public members, including teachers, education experts, school principals, superintendents, and business representatives. The task force is required to review the Martinez and Yazzie consolidated lawsuit, study high-performing education systems, and analyze the use of state and federal funding to improve educational outcomes.

Additionally, the bill creates the "Equity and Excellence in Education Fund," which will be administered by the Public Education Department and will consist of appropriations, gifts, grants, and donations. An appropriation of $250,000 is allocated from the public education reform fund to support the task force's activities from fiscal years 2026 through 2029. The task force is expected to provide interim reports on its findings and recommendations annually, culminating in a final report by July 1, 2029. Any unspent funds at the end of fiscal year 2029 will revert to the public education reform fund.