Bill > SB509

This bill establishes the Pathway Act, a program designed to support foster youth in New Mexico by providing financial assistance and support. The bill defines eligible beneficiaries as New Mexico residents who have spent at least 18 months in foster care, are 18 years or older starting January 1, 2026, and have completed a financial literacy course. Upon request, the Department of Finance and Administration will transfer $2,000 to a beneficiary's personal bank account, which can only be used for housing, education, or workforce training expenses. The department will create and administer the program in collaboration with the Children, Youth and Families Department, automatically enrolling eligible participants and helping them complete financial literacy requirements. A new "pathway program fund" will be created in the state treasury, initially funded with a $4 million appropriation from the early childhood education and care fund. The bill also provides a state income tax exemption for money transferred to or spent by beneficiaries under the program. Importantly, the bill explicitly states that the provisions do not guarantee benefits or create an enforceable property interest, and the program will become effective on January 1, 2026.

Health and Social Services

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=509&year=25