NM SB241

Establishes the Child Care Assistance Program within the Early Childhood Education and Care Department to provide subsidized child care for children under 13 (or under 19 if disabled/under court supervision) whose parents are employed, students, in job training, homeless, foster parents, or grandparents raising grandchildren

Sets eligibility at households up to 600% of the federal poverty level with no copayments; households between 600-900% FPL pay up to 3% of income, and those above 900% FPL pay up to 7% of income for child care costs

Authorizes up to $700 million in additional appropriations from the Early Childhood Education and Care Fund to the program fund during fiscal years 2026-2031, provided the fund balance remains above $10 billion

Requires annual distributions of at least $500 million or 5% of the fund's three-year average market value (whichever is greater) to support the program

Mandates fiscal controls including sliding scale copayments and waitlists when enrollment exceeds projections by 3%, state revenue growth falls below inflation, consumer price index exceeds 3%, or oil prices drop below $50/barrel