Latest news with #HouseBill7
Yahoo
19-03-2025
- Politics
- Yahoo
Louisiana Supreme Court dismisses lawsuit against tax reform amendment
BATON ROUGE, La. (Louisiana First) — The Louisiana Supreme Court has dismissed a lawsuit challenging an amendment on tax and budget reform set to appear on the March 29 ballot. The March 18 ruling stated that voters should decide on the proposed constitutional amendment at the polls. 'Late last night, the Louisiana Supreme Court sided with my office's defense of ballot language for Constitutional Amendment 2 – which cuts taxes and makes teachers pay raises permanent. Voting on Amendment 2 will proceed as scheduled,' Murrill said in a statement. 'The Louisiana Legislature, elected by the people, passed Constitutional Amendment 2 with a bipartisan majority in both the House and Senate. Every Senate Democrat joined every Senate Republican in passing Constitutional Amendment 2 to send it to the voters for final approval. This case was flawed and attempted to silence the voice of the people. The people can now speak,' Gov. Jeff Landry said in a March 19 statement. Louisiana voters to decide on major tax code changes in March election The lawsuit, filed by a pastor and two educators from East Baton Rouge and Orleans parishes, challenged House Bill 7, arguing that the measure is too broad and the ballot language is misleading. The plaintiffs argued the measure violates the Louisiana Constitution's 'one object' rule, which requires constitutional amendments to focus on a single subject unless they revise an entire article. Voters can cast their vote during the March 29 election. Early voting ends on Saturday, March 22. March 29 Election: What voters need to know about early voting, absentee ballots Trump speaks to Zelenskyy about ceasefire Fed chair holds rates steady Could AI replace American workers? State senator to file bill that would create St. George school system Louisiana Supreme Court dismisses lawsuit against tax reform amendment Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
12-03-2025
- Business
- Yahoo
Lawmakers consider proposal to create new trust fund babies
Karina Burciaga (left) plays with her 2-year-old daughter, Alison Arroyo. (Photo courtesy AP-OD) When Karina Burciaga became a parent, she also took on a lot of worries: what should her daughter be eating, how early should she start reading, what will her future look like and what can she do now to impact that future? Burciaga's daughter Alison Arroyo is only 2 years old, but Burciaga said she wants her daughter to be ready for adulthood. She opened an investment account for Alison at Charles Schwab and adds $75 to $100 to it each month. 'It's not a huge amount, right, but it's adding up,' Burciaga told Source NM. 'It's just interesting to see how…in about 18 years she'll have access to money that can really change her life.' While trust fund babies as a concept usually implies wealthy parents, several states have passed legislation that creates a trust fund for each child born in the state, known as baby bonds. New Mexico lawmakers have proposed a similar funding program this session. House Bill 7, the Children's Future Act and Fund, would establish a trust fund for children born in New Mexico after Jan. 1, 2025. Children would have access to the fund once they turn 18 and graduate from high school or earn a high school equivalency. Trust fund recipients also would have to maintain residency in New Mexico and complete a financial literacy program. The money can be used for education, housing, entrepreneurship or investing. 'Many families across New Mexico may be middle class, but they're still living paycheck to paycheck. And so having an investment for their future is a big piece,' Sponsor Rep. Linda Serrato (D-Santa Fe) told members of the House Appropriations and Finance Committee during the initial hearing on March 3. Speaker of the House Javier Martínez (D-Albuquerque) and Rep. Patricia Roybal Caballero (D-Albuquerque) are also sponsors. The bill also creates a task force that will complete the design of the program and its implementation and report recommendations to the governor and Legislature before the end of the year. The bill does not specify how much money the state would invest for each child, but Serrato explained that based on the advocacy organization's pilot program, approximately $6,000 would be allocated for each child at birth, but the task force would determine the actual amount. By the time the children are 18, the investment will have grown to about $20,000, though the final amount is not a guarantee. Serrato noted the ultimate goal is to help generate some generational wealth among New Mexico families and set more people up for success. The advocacy organization Partnership for Community Action, in collaboration with Prosperity Works and Rio Grande Credit Union, awarded 15 pilot bonds to New Mexico children several years ago. A representative from the organization and parents involved in the pilot program spoke in favor of the bill during an initial hearing before the House Appropriations and Finance Committee on March 3. SUPPORT: YOU MAKE OUR WORK POSSIBLE 'I do not want [Alison] to work two jobs in college and face the same exhaustion and burnout that I faced,' Burciaga told committee members during the hearing. She told Source NM that she earned her bachelor's degree in Journalism and Mass Communication from the University of New Mexico in 2015, but would like to set her daughter up to not have to work so many hours while focusing on her education. 'If she needs these funds to help her get through college, that's great, or I would love her to maybe buy a property whenever she's in college and save that money and not pay rent,' Burciaga said, adding that investing in property could even generate some passive income for her daughter at some point in her life. Leslie Garcia Moreno, another mom who spoke in favor of the bill during the hearing, said the bill would give her children 'a greater chance of achieving a stress-free, debt-free education and life.' 'Our state has the resources to invest in the next generation and doing so will create a ripple effect,' she said. ' This initiative is a direct investment in our economy, ensuring that all families regardless of background, have the opportunity to build generational wealth and thrive.' Several committee members voiced concern that HB7 is not ready to be a bill, but rather a memorial to create a taskforce and research the fund's feasibility. However, the bill passed the House Appropriations and Finance Committee Monday, March 10 and will head to the House floor for a vote. Senate Bill 397, the New Mexico Next Generation Act, is a similar bill proposing baby bond investments and is sponsored by Sens. Antonio Maestas (D-Albuquerque) and Leo Jaramillo (D-Española). The bill is also backed by the New Mexico State Treasurer Laura Montoya. According to the fiscal impact report, SB397 would apply to babies born after July 1, 2025. It would require that the Department of Finance and Administration develop rules for the program and the State Investment Council manage the investments. HB7 proposes splitting the management of the investments between the State Investment Council and the State Treasurer's Office. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
27-02-2025
- Business
- Yahoo
Baby's first bond? Competing bills would set aside money for New Mexico-born children
Alexandra Alarcon, a Silver City single mother of three, lives day to day. Juggling her daughters' schooling, sports and her own work, the 33-year-old said saving for her children's futures is a challenge. But a $6,000 baby bond her youngest daughter, Adryan Raye, received last year as part of a statewide pilot program was like a weight lifted off Alarcon's shoulders. 'It's such a relief,' she said of the bond, which is expected to grow as her daughter ages so she can use it when she's older. '… It's going to be such a proud moment to know that she's going to be 100% stable enough to do what she wants when she becomes of age.' That pilot program, launched by a coalition of community organizations across New Mexico, has been touted as a way to test the waters for Senate Bill 397 and House Bill 7, two bills making their way through the Roundhouse aimed at establishing similar programs for children statewide. Though both bills would create mechanisms to invest in the futures of New Mexico children far down the line, they each have distinct approaches to making those investments — including broad differences in how much startup money they would initially set aside and which children would qualify for the investments. Teresa Madrid, deputy director of Partnership for Community Action, which helped establish the pilot program, said baby bonds provide an 'opportunity for hope for New Mexico's children and families.' 'We really believe that baby bonds is one of the solutions to bring families out of cycles of poverty, that it is a solution to build generational wealth for children in New Mexico,' she said. The bills could reach tens of thousands of children. That said, births in New Mexico have steadily declined for over 10 years, according to a recent Legislative Finance Committee presentation. In 2023, just over 21,000 babies were born in the state, down from nearly 27,800 in 2010. SB 397, sponsored by Sens. Leo Jaramillo, D-Española, and Moe Maestas, D-Albuquerque, would establish two funds: the Next Generation Trust Fund and the Baby Bonds Fund. Under the bill, the former would receive a $500 million seed investment to provide children born in New Mexico on or after July 1, 2025, with $7,000 baby bonds. The money would be invested and grow until they become adults, and in 2043, a portion of the trust fund partly based on the number of children turning 18 that year would be shifted to the Baby Bonds Fund for distribution. State Treasurer Laura Montoya said in an interview that by the time those children turn 18, the baby bonds are expected to grow to between $20,000 and $25,000. By the time they're 35, that number could shoot up close to $75,000. 'We will be building up our own economy and investing in our own people and families,' Montoya said of the bill. It's not clear if the proposed $500 million appropriation will actually make it through the Roundhouse. SB 397, though, faces some rivalry in HB 7, a measure sponsored by three House Democrats, including House Speaker Javier Martínez, that would create the 'Children's Future Fund' with a $5 million appropriation in seed money. That bill would apply to children born in New Mexico this year, who, upon graduating from a New Mexico high school, could use money from the fund to pay for their education, housing and other costs. Under the bill, a task force would further analyze how to refine the program. One of the bill's sponsors, Rep. Linda Serrato, D-Santa Fe, said that while New Mexico has done much to help low-income families in their day to day lives, the Children's Future Fund 'really acknowledges the fact that we have a poor state.' 'This is helping them envision their future and investing in that future,' she said. Montoya, however, has publicly expressed concerns with HB 7, including the eligibility requirements the measure lays out for children. She argued HB 7 would cut out young people who opt for a different path than finishing high school who should still benefit from baby bonds (SB 397 still has an education component, but instead requires young people to take a state-approved financial literacy course before claiming their bonds). Montoya also argued against a requirement in HB 7 that children must have continuously lived in New Mexico, saying that mandate would exclude many people, including those whose families may have left the state for a period of time because of service in the military or a medical field. Under SB 397, any child whose parents had lived in New Mexico for at least five years prior to their birth, or those placed in the custody of the state Children, Youth and Families Department, would be eligible for a baby bond. Serrato, however, said the current eligibility parameters for HB 7 ensure children who spent their formative years in New Mexico are benefiting from the fund. The bills each face concerns they would violate the anti-donation clause in the state constitution. In separate analyses of each bill, Legislative Finance Committee staff wrote that distributing money to individual beneficiaries 'could be an unconstitutional donation of public resources.' Montoya and Serrato each acknowledged the concerns, saying the task force — or changes to the constitution — could help determine how baby bonds fit in with the clause. 'We're trying to be respectful of where we're at today in the rules, but we also want to be thoughtful about what tomorrow might look like,' Montoya said.
Yahoo
27-02-2025
- Business
- Yahoo
Baby's first bond? Competing bills would set aside money for New Mexico-born children
Alexandra Alarcon, a Silver City single mother of three, lives day to day. Juggling her daughters' schooling, sports and her own work, the 33-year-old said saving for her children's futures is a challenge. But a $6,000 baby bond her youngest daughter, Adryan Raye, received last year as part of a statewide pilot program was like a weight lifted off Alarcon's shoulders. 'It's such a relief,' she said of the bond, which is expected to grow as her daughter ages so she can use it when she's older. '… It's going to be such a proud moment to know that she's going to be 100% stable enough to do what she wants when she becomes of age.' That pilot program, launched by a coalition of community organizations across New Mexico, has been touted as a way to test the waters for Senate Bill 397 and House Bill 7, two bills making their way through the Roundhouse aimed at establishing similar programs for children statewide. Though both bills would create mechanisms to invest in the futures of New Mexico children far down the line, they each have distinct approaches to making those investments — including broad differences in how much startup money they would initially set aside and which children would qualify for the investments. Teresa Madrid, deputy director of Partnership for Community Action, which helped establish the pilot program, said baby bonds provide an 'opportunity for hope for New Mexico's children and families.' 'We really believe that baby bonds is one of the solutions to bring families out of cycles of poverty, that it is a solution to build generational wealth for children in New Mexico,' she said. The bills could reach tens of thousands of children. That said, births in New Mexico have steadily declined for over 10 years, according to a recent Legislative Finance Committee presentation. In 2023, just over 21,000 babies were born in the state, down from nearly 27,800 in 2010. SB 397, sponsored by Sens. Leo Jaramillo, D-Española, and Moe Maestas, D-Albuquerque, would establish two funds: the Next Generation Trust Fund and the Baby Bonds Fund. Under the bill, the former would receive a $500 million seed investment to provide children born in New Mexico on or after July 1, 2025, with $7,000 baby bonds. The money would be invested and grow until they become adults, and in 2043, a portion of the trust fund partly based on the number of children turning 18 that year would be shifted to the Baby Bonds Fund for distribution. State Treasurer Laura Montoya said in an interview that by the time those children turn 18, the baby bonds are expected to grow to between $20,000 and $25,000. By the time they're 35, that number could shoot up close to $75,000. 'We will be building up our own economy and investing in our own people and families,' Montoya said of the bill. It's not clear if the proposed $500 million appropriation will actually make it through the Roundhouse. SB 397, though, faces some rivalry in HB 7, a measure sponsored by three House Democrats, including House Speaker Javier Martínez, that would create the 'Children's Future Fund' with a $5 million appropriation in seed money. That bill would apply to children born in New Mexico this year, who, upon graduating from a New Mexico high school, could use money from the fund to pay for their education, housing and other costs. Under the bill, a task force would further analyze how to refine the program. One of the bill's sponsors, Rep. Linda Serrato, D-Santa Fe, said that while New Mexico has done much to help low-income families in their day to day lives, the Children's Future Fund 'really acknowledges the fact that we have a poor state.' 'This is helping them envision their future and investing in that future,' she said. Montoya, however, has publicly expressed concerns with HB 7, including the eligibility requirements the measure lays out for children. She argued HB 7 would cut out young people who opt for a different path than finishing high school who should still benefit from baby bonds (SB 397 still has an education component, but instead requires young people to take a state-approved financial literacy course before claiming their bonds). Montoya also argued against a requirement in HB 7 that children must have continuously lived in New Mexico, saying that mandate would exclude many people, including those whose families may have left the state for a period of time because of service in the military or a medical field. Under SB 397, any child whose parents had lived in New Mexico for at least five years prior to their birth, or those placed in the custody of the state Children, Youth and Families Department, would be eligible for a baby bond. Serrato, however, said the current eligibility parameters for HB 7 ensure children who spent their formative years in New Mexico are benefiting from the fund. The bills each face concerns they would violate the anti-donation clause in the state constitution. In separate analyses of each bill, Legislative Finance Committee staff wrote that distributing money to individual beneficiaries 'could be an unconstitutional donation of public resources.' Montoya and Serrato each acknowledged the concerns, saying the task force — or changes to the constitution — could help determine how baby bonds fit in with the clause. 'We're trying to be respectful of where we're at today in the rules, but we also want to be thoughtful about what tomorrow might look like,' Montoya said.
Yahoo
27-02-2025
- Politics
- Yahoo
Idaho Gov. Brad Little signs $300 mandatory minimum fine for marijuana possession into law
In this file photo, Tim Blakeley, manager of Sunset Junction medical marijuana dispensary, shows marijuana plant buds on May 11, 2010, in Los Angeles, California. () The minimum fine for anyone convicted of simple marijuana possession in Idaho is increasing to $300 on July 1 after Idaho Gov. Brad Little signed a mandatory minimum fine bill into law on Monday. Little signed House Bill 7 into law Monday morning, making it the sixth bill to become law during the 2025 legislative session. The new law states that for anyone convicted of simple marijuana possession of less than 3 ounces, the person shall be subject to a fine of not less than $300, in addition to any other penalties in state law, such as court costs. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX The bill was co-sponsored by Rep. Bruce Skaug, R-Nampa; Sen. Brandon Shippy, R-New Plymouth; and nine other Republican legislators, including House Speaker Mike Moyle, R-Star. Most of Idaho's neighboring states allow some form of recreational or medical cannabis. Montana, Nevada, Oregon and Washington allow for the recreational use of cannabis, while Utah allows medical cannabis. Supporters of the law said it is a way to be tough on marijuana and differentiate Idaho from its surrounding states. SUPPORT: YOU MAKE OUR WORK POSSIBLE
