Summary:

 House Bill (HB) 21 amends the Land Grant-Merced Assistance Fund Act to change the requirement thresholds for full and seventy-five percent distributions from the fund and to make the Land Grant-Merced Assistance Fund nonreverting. HB 21 makes technical changes.
 

Legislation Overview:

 House Bill (HB) 21 amends the Land Grant-Merced Assistance Fund (Assistance Fund) (Section 9-11-6 NMSA 1978) to increase the requirement thresholds for full and seventy-five percent distributions from the fund to from less than fifty thousand dollars to less than one hundred thousand dollars for a full distribution; and from at least fifty thousand dollars to at least one hundred thousand dollars for a seventy-five percent distribution. It makes the Assistance Fund non-reverting.

HB 21 would be effective 1 July 2025.

 

Current Law:

 The minimum threshold for a full distribution from the Assistance Fund is less than fifty thousand dollars for a full distribution, and it is at least fifty thousand dollars for a seventy-five percent distribution under Section 9-11-6 NMSA 1978.