NM NEXT GENERATION ACT & FUNDS

SB 304 creates the "New Mexico Next Generation Act" to provide financial support for New Mexico-born children meeting specific residency requirements. It establishes two funds: the Next Generation Trust Fund (for long-term investment) and the Baby Bonds Fund, which will distribute money for education or housing costs to eligible beneficiaries aged 18-40 after completing a financial literacy course. The bill exempts these benefits from state income tax and requires data sharing between health and child welfare agencies to verify eligibility. It explicitly states that benefits are not guaranteed and funds won’t count as assets for need-based assistance programs.