SB 358 New Mexico Senate · 2025 Regular Session

EQUINE SHELTER RESCUE & WELFARE TRUST FUNDS

SB 358 creates the Equine Welfare Trust Fund (initially funded with $20 million from the general fund) to support New Mexico's existing Equine Shelter Rescue Fund. The trust fund will distribute 2% of its annual value to the rescue fund starting in 2026, increasing to 4% annually after 2027, with a portion covering administrative costs. Registered equine rescue and retirement facilities meeting specific criteria (like 501(c)(3) status, no intentional breeding, and adherence to veterinary guidelines) can apply for annual funding to cover shelter, veterinary care, infrastructure, and adoption programs. The bill requires the administering board to report annually on fund usage, unspent balances, and how projects support equine welfare. It directly affects eligible nonprofit equine rescue organizations across New Mexico.

Issues: ✓ Budget & Taxes

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2025

Committee Review

Floor Vote

Governor

Introduced Feb 12, 2025 Last action Jun 3, 2025

Maddy AI version diff · 1 comparison

What changed between versions

introduced version → CO substitute · 6 edits

MODERATE

This bill substitutes a new version that shifts administration of the equine shelter rescue fund from the board to the New Mexico Department of Agriculture, adds a new Equine Welfare Trust Fund that will distribute 4% of its value annually to the shelter fund starting in 2027, and updates eligibility requirements for applicants to include tax-exempt status and compliance with American Association of Equine Practitioners guidelines.

Scope change

The bill's scope expanded to include a new trust fund mechanism and changed which state agency administers the shelter fund

FISCAL

Added a new Equine Welfare Trust Fund that will automatically distribute 4% of its average market value annually to the equine shelter rescue fund starting fiscal year 2027

Changed administration of the equine shelter rescue fund from the board to the New Mexico Department of Agriculture

ELIGIBILITY

Added eligibility requirements requiring applicants to be tax-exempt organizations under Section 501(c)(3) and comply with American Association of Equine Practitioners guidelines

REQUIREMENT

Added a prohibition on intentionally breeding equines as a condition for receiving funds

Added new reporting requirements effective October 1, 2028, requiring the Department of Agriculture to submit detailed reports to the legislative finance committee

ENFORCEMENT

Removed the requirement to appoint an eight-member advisory committee to approve applications for contracts

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 27, 2025

Upper · Passed

DO NOT PASS, replaced with committee substitute

upper

Feb 12, 2025

Introduced

Sent to Senate Conservation Committee & Senate Finance Committee

upper

1 primary · 0 co-sponsors