NM SB202

Creates two new nonreverting funds: the Physician Graduate Medical Education Trust Fund and the Physician Graduate Medical Education Program Fund to support physician residency programs in rural and underserved areas

Transfers $100 million from the general fund to the trust fund and $10 million to the program fund upon the act's effective date

Beginning July 1, 2027, annual distributions of 5% of the trust fund's three-year average market value will flow to the program fund

Appropriates $8 million from the program fund for fiscal years 2027-2028, with up to $2.5 million annually for programs developing accreditation applications, $500,000 for newly accredited programs, and $1 million for programs accredited one year or more

Declared an emergency measure requiring immediate effect upon passage