Bill > SJR21

This Joint Resolution proposes to amend the New Mexico Constitution to dedicate a portion of the Severance Tax Permanent Fund specifically for early childhood education and care programs. The Severance Tax Permanent Fund is a trust fund that holds revenue generated from taxes on the extraction of natural resources in the state. Currently, distributions from this fund are appropriated by the legislature for general state operations. This resolution would add a new provision requiring an additional annual distribution, equal to eight-tenths of one percent of the fund's average market value over the preceding five years, to be specifically allocated to the general fund for early childhood education and care programs, as further defined by law. If approved, this constitutional amendment would be put to a vote of the people at the next general election.