Community Benefit Fund (Senate Bill 49)
The Community Benefit Fund (Senate Bill 49), a transformative piece of legislation designed to propel New Mexico towards a sustainable and prosperous future. This bill is aimed at diversifying our economy, enhancing our energy infrastructure, and investing in our communities. Here, you’ll find comprehensive details on how SB49 allocates funds across various sectors—from advancing clean energy technologies and improving public school facilities to boosting economic development and providing critical job training. This initiative represents a major step forward in our commitment to ensuring that New Mexico not only adapts to a changing world but thrives in it.
Learn how Senate Bill 49 will make a tangible difference in the lives of all New Mexicans:
Creates a Big Fund:
Senate Bill 49 sets up a special $340 million fund called the Community Benefit Fund to support various state projects.
Boosts the Economy:
Allocates $40 million to the Economic Development Department to help grow industries in New Mexico that don’t rely on oil and gas.
Improves Energy Efficiency:
Sends $20 million to help communities make their buildings and systems use less energy.
Modernizes the Grid:
Transfers $100 million to update our electric grid, making it better and more reliable.
Supports Transportation Projects:
Puts $50 million towards projects that help reduce reliance on gas-powered cars, like improving bike paths and pedestrian areas.
Conserves Land and Water:
Provides $5 million for outdoor recreation and conservation efforts to protect our natural spaces.
Advances Clean Energy Tech:
Gives $40 million to develop new technologies for clean energy and efficient energy storage systems.
Trains Workers for New Jobs:
Invests $25 million in training for workers to learn skills in new, sustainable industries and help those in old industries switch to these new jobs.
Upgrades Schools:
Uses $60 million to install electric vehicle charging stations at schools and to help switch from diesel to electric school buses.
Contingent Funding:
The act only takes effect if the Community Benefit Fund gets enough money to cover all these projects during the legislative session.