This 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 funding from eligible equine rescue and retirement facilities. The bill outlines specific criteria for applicants, including requirements for registration, compliance, and adherence to guidelines. Additionally, it mandates that the Department of Agriculture submit annual reports detailing the contracts funded, expenditures, and the overall impact on equine welfare.

The newly created Equine Welfare Trust Fund will consist of various sources of income, including distributions and donations, and will be invested by the state investment officer. A portion of the trust fund's earnings will be distributed to the Equine Shelter Rescue Fund annually, starting in 2027. The bill also includes a transfer of $5 million from the general fund to the Equine Welfare Trust Fund and appropriates $500,000 from the general fund to the Equine Shelter Rescue Fund for fiscal year 2027 and beyond, ensuring that any unspent funds do not revert to the general fund.

Statutes affected:
introduced version: 77-2-32