The bill amends Section 7-1-6.69 NMSA 1978, which pertains to the distribution of funds to the Health Care Affordability Fund from the health insurance premium surtax. The current law specifies a distribution schedule that includes a reduction in the percentage allocated to the fund over time. The proposed changes eliminate the previous distribution percentages prior to July 1, 2024, and instead establish a new distribution framework.

Under the new provisions, beginning September 1, 2025, the fund will receive fifty-five percent of the net receipts from the health insurance premium surtax, and starting September 1, 2026, the distribution will increase to one hundred percent. This adjustment aims to enhance the funding available for health care affordability initiatives in New Mexico.

Statutes affected:
introduced version: 7-1-6.69