NM SB208

Creates the "Welcome Child Act" providing $9,000 total benefit to parents or legal guardians of newborn or newly adopted children, paid as three monthly payments of $3,000 or as a lump sum if applied for 90+ days after birth/adoption

Eligibility requires applicant to be a parent or legal guardian who has resided in New Mexico for at least 6 months in the 12-month period prior to the child's birth or adoption, with benefits beginning January 1, 2028

Establishes the Welcome Child Benefit Fund as a nonreverting fund in the state treasury, administered by the Early Childhood Education and Care Department

Requires annual distribution of $189 million from the Early Childhood Education and Care Fund to the Welcome Child Benefit Fund each July 1, after the existing $500 million distribution to early childhood programs

Benefit amount will be adjusted for inflation starting January 1, 2030, based on the Consumer Price Index, with the Secretary of Early Childhood Education and Care required to adopt implementing rules by July 1, 2027