New MexicoDisaster-loan repayments and earnings would go to state fund
Local governments' covered earnings, along with money repaid or reimbursed under two disaster-loan laws, would go into New Mexico's disaster fund.
What it does
Money paid back to the state under two disaster-loan laws, including certain income local governments earn from loan-funded activities, would go into the state disaster fund.
Argument forReturning covered earnings to the state fund could help keep money available for disaster loans to local governments and electric cooperatives.
Argument againstLocal governments might have less income to use for other needs because covered earnings would go into the state disaster fund.
More detail
Covered money paid, repaid, or reimbursed to the state would go into the natural disaster revolving fund. This covers money paid, repaid, or reimbursed under the cited 2023 and 2024 laws, including specified income earned by a political subdivision from loan-funded activities. Program income means gross income a political subdivision earns directly from a supported activity or as a result of the specified loan money. The bill says it would take effect immediately if enacted.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Mar 24action postponed indefinitelyLatest
- Feb 2Sent to Senate Committees' Committee & Senate Conservation Committee & Senate Finance CommitteeIntroduced
Taxes & BudgetEmergency Management