Bill > HB21

This bill modifies the Land Grant-Merced Assistance Fund by adjusting the distribution thresholds and making the fund nonreverting. Specifically, the bill changes the annual revenue levels that determine how much financial assistance a land grant-merced (a type of historic community land grant in New Mexico) receives. The threshold for a full distribution is raised from $50,000 to $100,000, and the percentages of distribution are recalibrated based on increasing revenue levels: land grants with less than $100,000 in annual revenue receive a full distribution, those between $100,000 and $250,000 receive 75% of a full distribution, those between $250,000 and $500,000 receive 50% of a full distribution, and those with $500,000 or more receive 25% of a full distribution. To be eligible for assistance, a land grant-merced must provide an account of its previous fiscal year revenue, comply with specific state laws, have an elected board of trustees, and meet audit requirements. Importantly, the bill also changes the fund's status so that any remaining balance at the end of a fiscal year will not revert to the general fund but will instead remain available for distribution in the subsequent fiscal year. The bill becomes effective on July 1, 2025.

Agriculture and Natural Resources, Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=21&year=25