summary
Introduced
02/17/2021
02/17/2021
In Committee
Crossed Over
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO REVENUE; TRANSFERRING ABOVE TREND REVENUE IN THE GENERAL FUND TO THE COLLEGE AFFORDABILITY ENDOWMENT FUND, TEACHER PREPARATION AFFORDABILITY SCHOLARSHIP FUND, EARLY CHILDHOOD EDUCATION AND CARE FUND, STATE ROAD FUND, SEVERANCE TAX PERMANENT FUND AND RURAL LIBRARIES ENDOWMENT FUND.
AI Summary
This bill proposes to transfer any general fund revenue that exceeds the 10-year average growth of the general fund by more than 5% to various funds. Specifically, 30% would go to the college affordability endowment fund, 20% to the teacher preparation affordability scholarship fund, 20% to the early childhood education and care fund, 10% to the state road fund, 10% to the severance tax permanent fund, and 10% to the rural libraries endowment fund. The "10-year average growth of the general fund" refers to the average annual percentage change in total revenue and transfers to the general fund over the previous 10 fiscal years.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Senate Tax, Business and Transportation Committee (00:00 3/18/2021 Room zoom) (on 03/18/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=392&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0392.pdf |
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