New Mexico SB304: NM NEXT GENERATION ACT & FUNDS

What the bill says

An act relating to public benefits; enacting the new mexico next generation act; creating the next generation trust fund and providing for investment of that fund by the state investment officer; creating the baby bonds fund and requiring the department of finance and administration to promulgate rules for administration of that fund and the new mexico next generation act; providing that benefits shall not be guaranteed and that a property interest shall not be created by the new mexico next generation act…

From the introduced text, February 4, 2026:

AN ACT RELATING TO PUBLIC BENEFITS; ENACTING THE NEW MEXICO NEXT GENERATION ACT; CREATING THE NEXT GENERATION TRUST FUND AND PROVIDING FOR INVESTMENT OF THAT FUND BY THE STATE INVESTMENT OFFICER; CREATING THE BABY BONDS FUND AND REQUIRING THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO PROMULGATE RULES FOR ADMINISTRATION OF THAT FUND AND THE NEW MEXICO NEXT GENERATION ACT; PROVIDING THAT BENEFITS SHALL NOT BE GUARANTEED AND THAT A PROPERTY INTEREST SHALL NOT BE CREATED BY THE NEW MEXICO NEXT GENERATION ACT; EXEMPTING FROM THE STATE INCOME TAX ANY MONEY SPENT FOR BENEFICIARIES PURSUANT TO THE NEW MEXICO NEXT GENERATION ACT; REQUIRING INFORMATION SHARING WITH THE DEPARTMENT OF FINANCE AND ADMINISTRATION; MAKING APPROPRIATIONS. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: .233306.1SA wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ SECTION 1. [NEW MATERIAL] SHORT TITLE.--Sections through 9 of this act may be cited as the "New Mexico Next Generation Act". SECTION 2. [NEW MATERIAL] DEFINITIONS.--As used in the New Mexico Next Generation Act: A. "beneficiary" means a person born in New Mexico on or after July 1, 2026 who: (1) has a parent who has resided in New Mexico for at least five consecutive years immediately preceding the person's birth; or (2) while under the age of eighteen, is placed: (a) in the care and …

Read the full official text

Sponsors

• Leo Jaramillo (D, SD-005) · primary sponsor

Latest actions

1. February 4, 2026: Sent to SCC - Referrals: SCC/STBTC/SFC
2. : Action Postponed Indefinitely

Common questions

What is SB304?

SB304 is a bill in the New Mexico Legislature (2026 Regular Session): NM NEXT GENERATION ACT & FUNDS.

What does SB304 do?

In its own words: An act relating to public benefits; enacting the new mexico next generation act; creating the next generation trust fund and providing for investment of that fund by the state investment officer; creating the baby bonds fund and requiring the department of finance and administration to promulgate rules for administration of that fund and the new mexico next generation act; providing that benefits shall not be guaranteed and that a property interest shall not be created by the new mexico next generation act…

What is the status of SB304?

In committee as of February 4, 2026. Latest action: Sent to SCC - Referrals: SCC/STBTC/SFC (February 4, 2026).

Who sponsored SB304?

Leo Jaramillo (D, SD-005).

Where is the official record for SB304?

On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legType=B&legNo=304&year=26