HB 184 is sponsored by Linda M. Trujillo (Democrat), Joseph Sanchez (Democrat), Jack Chatfield (Republican), and Nathan P. Small (Democrat).

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New Mexico 2026 Regular Session Status: Enacted Bipartisan · 3 D · 1 R cosponsors

HB 184 — INVESTMENT OF CONSERVATION & LEGACY FUNDS

Last action March 06, 2026 — Signed

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Introduced
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In Committee
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Passed House
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Passed Senate
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To Executive
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Enacted

This bill has been enacted into law. Introduced January 27, 2026. Enacted.

Signed by Governor Michelle Lujan Grisham (Democratic) on March 06, 2026.

Odds of enactment

High chance

Based on the sponsor, cosponsors, and committee posture, this bill has a high chance of becoming law.

Upgrade to see the exact probability and what's driving it.

A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Likely to advance 74% · moderate confidence

Enacted

Current position in the legislative process.
4 sponsors

4 primary, 0 co-sponsors signed on.
Bipartisan support

Sponsored across 2 parties (3 D · 1 R) — cross-party backing.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Bill Text

What changed in the latest version

136 added · 1 removed

Plain-language change summary

The bill HB 184 has been updated to require that the Conservation Legacy Permanent Fund be managed according to the "prudent investor rule," which means the fund must be invested wisely to protect and grow its value. Additionally, the bill changes the way funds are distributed to various agencies and ensures that any leftover money from these distributions goes back into the main Conservation Legacy Permanent Fund. These changes are significant because they aim to enhance the stability and sustainability of public funds dedicated to conservation efforts in New Mexico.

~~57TH~~AN ~~LEGISLATURE~~ACT ~~-STATEOFNEWMEXICO-~~RELATING ~~SECOND~~TO ~~SESSION,~~PUBLIC ~~2026~~FUNDS;

REQUIRING THE CONSERVATION LEGACY PERMANENT FUND TO BE INVESTED IN ACCORDANCE WITH THE PRUDENT INVESTOR RULE;

AMENDING THE AMOUNT OF DISTRIBUTION FROM THE PERMANENT FUND TO THE LAND OF ENCHANTMENT LEGACY FUND;

AMENDING THE AMOUNT THAT MAY BE DISTRIBUTED TO CERTAIN AGENCIES FROM THE LAND OF ENCHANTMENT LEGACY FUND;

PROVIDING THAT ANY UNEXPENDED BALANCES OF THOSE DISTRIBUTIONS REVERT TO THE CONSERVATION LEGACY PERMANENT FUND;

RECOMPILING CERTAIN SECTIONS OF THE NMSA 1978;

TRANSFERRING THE BALANCE OF THE LAND OF ENCHANTMENT LEGACY FUND TO THE CONSERVATION LEGACY PERMANENT FUND;

MAKING APPROPRIATIONS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

SECTION 1.

Section 75-12-1 NMSA 1978 (being Laws 2023, Chapter 26, Section 2) is recompiled as Section 6-4-38 NMSA 1978 and is amended to read:

"6-4-38.

CONSERVATION LEGACY PERMANENT FUND--CREATED-- INVESTMENT--DISTRIBUTION.-- A.

The "conservation legacy permanent fund" is created as a nonreverting fund in the state treasury.

The fund consists of distributions, appropriations, gifts, grants, donations and income from investment of the fund.

Money in the fund shall be invested by the state investment officer in accordance with the prudent investor rule as set HB 184/a Page 1 forth in the Uniform Prudent Investor Act.

Earnings from investment of the fund shall be credited to the fund.

Money in the fund shall be expended only as provided by this section.

Except as provided in Subsection C of this section, on July 1 of each year, a distribution shall be made from the permanent fund to the land of enchantment legacy fund in an amount equal to five percent of the average of the year-end market values of the permanent fund for the immediately preceding three calendar years.

On July 1, 2026, a distribution shall be made from the permanent fund to the land of enchantment legacy fund in an amount equal to five percent of the average year-end market value of the permanent fund for the preceding two calendar years." SECTION 2.

Section 75-12-2 NMSA 1978 (being Laws 2023, Chapter 26, Section 3) is recompiled as Section 6-4-38.1 NMSA and is amended to read:

"6-4-38.1.

LAND OF ENCHANTMENT LEGACY FUND--CREATED-- DISTRIBUTION.-- A.

The "land of enchantment legacy fund" is created as a nonreverting fund in the state treasury.

The fund consists of distributions, appropriations, gifts, grants, donations and bequests made to the fund.

The department of finance and administration shall administer the HB 184/a Page 2 fund, and money in the fund is appropriated to that department to make distributions as provided in this section and for no other purpose.

Any interest earned by the land of enchantment legacy fund shall be credited to the fund.

On receipt of the distribution made pursuant to Section 6-4-38 NMSA 1978, the department of finance and administration shall distribute the balance of the fund as follows:

(1) twenty-two and one-half percent to the energy, minerals and natural resources department, of which:

(a) fifty percent shall be allocated to the forestry division of the energy, minerals and natural resources department to carry out:

1) projects and programs pursuant to the Forest Conservation Act;

2) forest and watershed management projects;

3) approved projects pursuant to the Forest and Watershed Restoration Act;

and 4) projects and programs pursuant to the Prescribed Burning Act;

and (b) fifty percent shall be allocated for projects pursuant to the Natural Heritage Conservation Act;

(2) twenty-two and one-half percent to the board of regents of New Mexico state university for the New Mexico department of agriculture to carry out programs and projects pursuant to the Noxious Weed Management Act, the Healthy Soil Act and the Soil and Water Conservation District HB 184/a Page 3 Act;

(3) ten percent to the department of environment to plan, design and construct projects to improve surface water quality and river habitat statewide;

Show all 53 changed lines (13 more)

(4) fifteen percent to the economic development department, of which:

(a) twenty-five percent shall be allocated to the New Mexico outdoor recreation division of the economic development department to carry out projects under the outdoor equity grant program;

and (b) seventy-five percent shall be allocated to the New Mexico outdoor recreation division for special projects and outdoor recreation infrastructure;

(5) eight percent to the cultural affairs department to carry out projects and programs pursuant to the Cultural Properties Protection Act;

and (6) twenty-two percent to the department of wildlife to carry out projects and programs for the protection and propagation of game and fish.

Any unexpended balances from distributions made pursuant to Subsection B of this section shall revert to the conservation legacy permanent fund three fiscal years after the end of the fiscal year in which the distributions were made.

Distributions made pursuant to this section HB 184/a Page 4 shall not be used for the purposes of eminent domain." SECTION 3.

TRANSFER.--The balance of the land of enchantment legacy fund is transferred to the conservation legacy permanent fund.

SECTION 4.

EFFECTIVE DATE.--The effective date of the provisions of Sections 1 and 2 of this act is July 1, 2026.

HB 184/a Page 5 8 25

Latest

~~57TH~~ ~~LEGISLATURE~~ ~~-STATEOFNEWMEXICO-~~ ~~SECOND~~ ~~SESSION,~~ ~~2026~~

AN ACT RELATING TO PUBLIC FUNDS;