INVESTMENT OF CONSERVATION & LEGACY FUNDS

HB 184 reorganizes New Mexico's conservation funding by transferring the entire balance of the Land of Enchantment Legacy Fund into the Conservation Legacy Permanent Fund and establishing new investment and distribution rules. It requires the Conservation Legacy Fund to be invested under the prudent investor rule, sets annual distributions from the Conservation Legacy Fund to the Land of Enchantment Fund at 5% of its three-year average value, and specifies how funds from the Land of Enchantment Fund must be allocated. Specifically, 22.5% goes to the Energy, Minerals & Natural Resources Department for forest/watershed projects, 22.5% to the University Board for agricultural programs, 10% to the Environment Department for water quality, 15% to Economic Development for outdoor recreation, 8% to Cultural Affairs, and 22% to Wildlife for conservation programs. Unspent funds from these allocations revert to the Conservation Legacy Fund. The bill takes effect July 1, 2026.