See a video explaining the bill here. It's good to see New Mexico setting a standard for teacher salaries. Though we'd like to see even higher salaries for teachers, New Mexico's cost of living is below average, ranked as the 12th most affordable state to live in. The tiers too are a good way to ensure that all teachers make a livable wage across the state. As a comparison, I live in California, the 48th most expensive state to live in, and I make $56,000 a year with a masters degree as a 5th year teacher. This is less than New Mexico's 2nd tier.
As a side note, if you'd like to sign a petition advocating and raising awareness to increase teacher salaries across the United States, do so here. Feel free to share the link on social media: https://www.change.org/20kraiseforteachers