summary
Introduced
02/08/2023
02/08/2023
In Committee
03/15/2023
03/15/2023
Crossed Over
03/09/2023
03/09/2023
Passed
03/17/2023
03/17/2023
Dead
Vetoed
03/17/2023
03/17/2023
Introduced Session
2023 Regular Session
Bill Summary
AN ACT RELATING TO ECONOMIC DEVELOPMENT; MAKING THE BIOSCIENCE DEVELOPMENT FUND A NONREVERTING FUND; CREATING THE BIOSCIENCE CO-INVESTMENT FUND; IMPOSING RESTRICTIONS ON CO-INVESTMENT.
AI Summary
This bill makes the Bioscience Development Fund a non-reverting fund, meaning any unspent money in the fund at the end of a fiscal year will not revert back to the general fund. It also creates the Bioscience Co-investment Fund, which will partner with private investment organizations with at least 5 years of experience investing in New Mexico-based companies. The bill imposes restrictions on this co-investment, requiring at least a 2-to-1 ratio of private investment to public investment, and requiring any entities receiving funds to establish operations in New Mexico with more than 5 employees for at least 5 years or until the business is no longer solvent. The effective date of these provisions is July 1, 2023.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (0)
No sponsors listed
Last Action
Vetoed by Governor (on 03/17/2023)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=382&year=23 |
| BillText | https://www.nmlegis.gov/Sessions/23%20Regular/final/SB0382.pdf |
| BillText | https://www.nmlegis.gov/Sessions/23%20Regular/bills/senate/SB0382.pdf |
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