Bill > SB158

This bill introduces comprehensive reporting requirements for economic development incentives in New Mexico, mandating that the Economic Development Department compile and publicly present an annual report detailing economic development projects receiving public support. The report must include specific information about each project, such as the name of the qualifying entity, the amount of public support provided, committed and actual capital investment, job creation details including median wages, and a thorough analysis of the project's economic impact, with a clear explanation of the methodology used to determine that impact. Additionally, the bill requires the Economic Development Department and Workforce Solutions Department to provide detailed information to the Legislative Finance Committee for evaluating economic development incentives, with strict confidentiality provisions ensuring that sensitive business information is protected and only used for specific analytical purposes. The Industrial Training Board is also required to report training program data, including the number of persons trained, average wages, training location, and project economic impact. These reporting requirements aim to increase transparency and enable more effective assessment of the effectiveness and efficiency of economic development incentives, with the provisions set to take effect on July 1, 2025.

Budget and Finance, Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=158&year=25