COMMUNITY BENEFIT FUND TRANSFERS

SB 49 would transfer $340 million from New Mexico's Community Benefit Fund to support economic development, renewable energy, transportation infrastructure, conservation, and workforce training. The funds would be allocated to state departments for non-fossil fuel economic development (including aerospace, biosciences, and green industries), energy efficiency projects, bicycle/pedestrian infrastructure, conservation efforts, renewable energy technology grants, and training programs to help workers transition from extractive industries. All funds must be spent by 2028, with unspent balances reverting to the Community Benefit Fund. The bill's implementation depends on the prior creation of the Community Benefit Fund and sufficient funding for it.