UNM SCHOOL OF MEDICINE FUND & DISTRIBUTION

SB 464 creates a dedicated "University School of Medicine Fund" to support construction and reconstruction projects at the University of New Mexico School of Medicine. It redirects 1% of governmental gross receipts tax revenue (specifically from hospital-licensed facilities) into this fund and requires the UNM School of Medicine to deposit $4 million annually from 2025-2034 - using non-state funds - to the new fund. The fund, administered by the Health Care Authority, will be available for legislative appropriation toward building projects at the medical school. This bill establishes a structured funding mechanism but does not guarantee specific spending; it only creates the fund and mandates deposits. The bill was postponed indefinitely by the legislature on June 3, 2025.