EQUINE SHELTER FUND & TRUST FUND

HB 243 creates an Equine Welfare Trust Fund and amends the Equine Shelter Rescue Fund to better support registered equine rescue and retirement facilities in New Mexico. It transfers $5 million from the state’s General Fund to the new Trust Fund, which will invest the money and annually transfer 4% of its average value to the Shelter Fund starting in 2027. The Shelter Fund will then provide annual grants to eligible facilities (such as tax-exempt organizations not breeding horses) for costs like shelter, veterinary care, adoption programs, and basic equine welfare services. Facilities must apply for funding and report on their use of funds, and the state must submit annual reports to the legislature on fund distribution and outcomes.