NM HB243

Establishes the "equine welfare trust fund" as a nonreverting fund in the state treasury, with the state investment officer investing the money following the prudent investor rule and in consultation with the New Mexico Department of Agriculture

Transfers $5,000,000 from the general fund to the new equine welfare trust fund, with annual distributions of 4% of the three-year average market value to the equine shelter rescue fund beginning July 1, 2027

Appropriates $500,000 from the general fund to the equine shelter rescue fund for fiscal year 2027 and subsequent years as nonreverting funds

Shifts administration of the equine shelter rescue fund from the board to the New Mexico Department of Agriculture, which will solicit contract applications and make annual disbursements to eligible equine rescue and retirement facilities

Requires eligible applicants to be registered equine rescue or retirement facilities, be 501(c)(3) tax-exempt organizations if private, follow American Association of Equine Practitioners guidelines, and not be intentionally breeding equines