Bill > HB160

This bill enacts the Historically Underutilized Business Opportunity Act, which aims to stimulate economic development and job creation by promoting full and equal business opportunities for all businesses, including historically underutilized businesses (HUBs). The bill defines HUBs as businesses owned by women or persons of color that meet certain revenue and employee size requirements. It outlines duties for the Taxation and Revenue Department and the General Services Department, including establishing HUB certification procedures and creating a searchable database. The bill also requires state agencies to set HUB usage goals, request subcontracting plans from vendors, and report on their HUB utilization. Additionally, the bill appropriates $240,000 to fund new positions at the General Services Department and Taxation and Revenue Department to administer the Act.

Budget and Finance, Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=160&year=22