Bill > SB49

This bill proposes a series of appropriations and transfers from a proposed "Community Benefit Fund" totaling $295 million across several state departments and funds, all aimed at supporting economic diversification and transitioning away from fossil fuel-dependent industries. Specifically, the bill allocates $40 million to the Economic Development Department to support emerging industries like aerospace, biosciences, and green technologies; $20 million to the Community Energy Efficiency Development Block Grant Fund; $100 million to the Grid Modernization Grant Fund; $50 million to the Transportation Project Fund for reducing combustion engine vehicle usage; $5 million to the State Supplemental Land and Water Conservation Fund; $40 million to the Energy, Minerals and Natural Resources Department for energy efficiency and renewable energy grants; $25 million to the Workforce Solutions Department for training workers in non-extractive industries; and $60 million to the Public School Facilities Authority for electric vehicle charging infrastructure and electric school buses. Importantly, the bill's implementation is contingent on the Community Benefit Fund being established during the first session of the 57th Legislature and receiving sufficient funding, with any unspent funds reverting back to the fund by the end of fiscal year 2028.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=49&year=25