CHILDREN'S FUTURE ACT & FUND

HB 7 establishes the Children's Future Fund to support New Mexico children born on or after January 1, 2025, with funds intended for education, housing, entrepreneurship, and retirement. The bill creates a nonreverting state trust fund (initially appropriated $5 million for task force operations), exempts distributions from state income tax, and explicitly states benefits are not guaranteed or guaranteed property rights. A task force (appointed by July 2025) will develop implementation details like eligibility, application processes, and investment strategies before benefits are distributed. The fund's administration and disbursement rules will be finalized by the task force, with its report due December 31, 2025.