The new bill authored by State Sen. Leo Jaramillo in the New Mexico Senate aims to support future educational and housing opportunities for New Mexico-born residents through dedicated funding, according to the New Mexico General Assembly.
The bill, introduced as SB 304 during the 57th general assembly on Wednesday, Feb. 4, was formally listed with the short title: ’NM Next Generation Act & Funds’.
The following is our breakdown, based on the actual bill text, and may include interpretation to clarify its provisions.
In essence, this bill creates the New Mexico Next Generation Act, establishing a next generation trust fund and a baby bonds fund to finance future educational and housing assistance for eligible New Mexico-born residents starting July 1, 2026. Beneficiaries ages 18 to 40 who complete an approved financial literacy course may request payments for in-state postsecondary or vocational education costs or down payments on New Mexico homes. The bill sets investment and rulemaking duties, authorizes information sharing to verify eligibility, states that benefits are not guaranteed or a property right, shields fund assets from need-based aid calculations, exempts expenditures from state income tax, appropriates $20 million to the trust fund and $100,000 for administration, and becomes effective July 1, 2026.
Leo Jaramillo, the vice chair of the Senate Rules Committee and the vice chair of the Land Grant Committee, proposed another 17 bills during the 57th general assembly. He is also a member of the Senate Tax, Business & Transportation Committee, a member of the Interim Legislative Ethics Committee, and an standing advisory member of the Revenue Stabilization & Tax Policy Committee.
In New Mexico, the legislative process involves multiple steps: a bill is introduced in either the House or Senate, assigned to a committee for review, debated and voted on in both chambers, and, if approved, sent to the governor for signature or veto. The Legislature meets annually, commencing on the third Tuesday in January, with 60-day sessions in odd-numbered years and 30-day sessions in even-numbered years. While numerous bills are introduced each session, only a fraction successfully navigate the process to become law. You can read more about bills and other measures here.
| Bill Number | Date Introduced | Short Description |
|---|---|---|
| SB 205 | 01/30/2026 | Toxicology Reimbursement Requirements |
| SB 59 | 01/21/2026 | Land Grant-Merced & Acequia Trust |
| SB 43 | 01/21/2026 | Parole Requirement Changes |
| SB 498 | 02/20/2025 | Lowrider as Official State Vehicle |
| SB 419 | 02/17/2025 | Financial Exploitation & Certain Transactions |
| SB 374 | 02/12/2025 | Land Grant-Merced & Acequia Infrastructure |
| SB 351 | 02/11/2025 | Correctional Reentry Workforce Program |
| SB 350 | 02/11/2025 | Housing Support Needs & Stabilization |
| SB 327 | 02/10/2025 | Lowrider Capital License Plate |
| SB 215 | 01/30/2025 | Coverage for Certain Insurance Risks |
| SB 199 | 01/29/2025 | Administration of Local DWI Grant Program |
| SB 198 | 01/29/2025 | Family Infant Toddler Funding |
| SB 159 | 01/27/2025 | Independent Theater Beer & Wine Licenses |
| SB 96 | 01/23/2025 | Off-Highway Vehicle Tires & Sizes |
| SB 123 | 01/23/2025 | Regional Transit District Law Enforcement |
| SB 47 | 01/22/2025 | Santa Cruz DE LA Canada Land Grant |
| SB 17 | 01/21/2025 | Parole & Parole Board Changes |
