SANTA FE, N.M. (KRQE) – State senators approved a bill that asks voters to dip into the Land Grant Permanent Fund for education. “This amendment asks the voters a simple question: will they invest additional funds of their own money into the children of New Mexico in every stage of their development,” said Sen. Jacob Candelaria (D- Albuquerque).
House Joint Resolution 1 would take an additional 1.25% from the Land Grant Permanent Fund, which holds about $22 billion dollars, and put it towards child education. The proposal would send an extra $127 million a year for early childhood education programs and an extra $85 million a year for kindergarten through 12-grade schools.
Roughly $33 million would also go to other beneficiaries of the Land Grant Permanent Fund, like the New Mexico Military Institute and the School for the Deaf, just to name a couple. The House has to first agree with some of the changes made before it heads to the voters.