SB 274 New Mexico Senate · 2025 Regular Session

BOARD OF FINANCE APPROVAL FOR LAND SALES

SB 274 raises the value threshold requiring State Board of Finance approval for sales, trades, or leases of property by New Mexico state agencies, local public bodies, and school districts. The bill increases the current resale value threshold from $5,000 to $30,000, meaning transactions under this new limit no longer need Board approval. This change applies to both real and tangible personal property disposal, streamlining processes for lower-value transactions. The policy directly affects state/local entities managing public property by reducing administrative hurdles for routine sales. The bill amends existing statutes (Sections 13-6-1 and 13-6-2 NMSA 1978) to implement this threshold adjustment.

Bill status signed all 5 stages cleared

Introduction

Feb 2025

Committee Review

Mar 2025

Senate Passage

Mar 2025

House Passage

Mar 2025

Signed into Law

Apr 2025

Introduced Feb 4, 2025 Signed Apr 8, 2025

Maddy AI version diff · 1 comparison

What changed between versions

introduced version → Final Version · 6 edits

MODERATE

This bill raises the threshold for state agency approval when disposing of obsolete or unusable property from $5,000 to $30,000, allowing agencies to manage more items without Board of Finance approval. It also adds new requirements for notification, committee oversight, and disposal methods, while creating special provisions for hazardous materials, K-9 dogs, and transportation department property.

Scope change

The bill expands the scope of property disposal authority by increasing the monetary threshold and adding specific categories of property (hazardous materials, K-9 dogs, transportation infrastructure) that follow different disposal rules.

THRESHOLDS

Increased the resale value threshold for disposing of obsolete property without Board of Finance approval from $5,000 to $30,000.

REQUIREMENT

Requires governing authorities to designate a committee of at least three officials to approve and oversee property dispositions.

Mandates 30-day advance notification to the state auditor and appropriate approval authority before deleting property from public inventory.

EXEMPTIONS

Creates special disposal rules for hazardous materials that must be destroyed, K-9 dogs with specific transfer procedures, and transportation department road management property exceeding $30,000.

FISCAL

Requires proceeds from transportation department property sales to be credited to the state road fund.

ELIGIBILITY

Expands eligible disposal recipients to include Indian nations, tribes, pueblos, and adds provisions for donating to 501(c)(3) organizations when other disposal methods fail.

Floor votes · Senate Mar 7, 2025 · House Mar 21, 2025

How they voted

37–0

Passed · 3 other

Total votes 40

Mar 7, 2025

D Democratic24

23 Yea 1

95% Yea

R Republican16

14 Yea 2

87% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 8, 2025

Signed into law

Signed

executive

Mar 21, 2025

Lower · Passed

passed House

lower

Mar 20, 2025

Lower · Passed

DO PASS committee report adopted

lower

Mar 10, 2025

Introduced

Sent to House Commerce & Economic Development Committee & House Judiciary Committee

lower

Mar 7, 2025

Upper · Passed

passed Senate

upper

Mar 4, 2025

Upper · Passed

DO PASS, as amended, committee report adopted

upper

Feb 28, 2025

Upper · Passed

DO PASS committee report adopted

upper

Feb 4, 2025

Introduced

Sent to Senate Rules Committee & Senate Finance Committee

upper

2 primary · 0 co-sponsors