Bill > SB170

This bill updates several key aspects of New Mexico's economic development and utility regulations, focusing primarily on three main areas. First, it revises definitions in the New Mexico Finance Authority Act, expanding the list of "qualified entities" that can access public project funding to include more types of organizations like nonprofit foundations, research parks, and tribal entities. Second, the bill modifies the Public Project Revolving Fund's rules, allowing more flexible use of funds for interim loans, small project financing, and capitalizing other financing programs, with a provision that after June 30, 2028, only legislatively authorized projects can be funded. Third, the bill enhances economic development rates for gas and electric utilities by creating a more streamlined process for approving special rates designed to attract and retain businesses, including provisions for recovering costs of economic development projects, expedited review processes, and certification requirements by the economic development department. The bill aims to provide more tools and flexibility for economic development financing and utility rate-setting, with an emphasis on supporting new business growth and infrastructure development in New Mexico.

Budget and Finance, Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=170&year=25