Bill > HB20

This bill creates a new Technology and Innovation Division within the New Mexico Economic Development Department to support technological innovation and economic growth. The division will focus on five key target sectors: aerospace and space, biosciences, clean energy and water, advanced computing (including artificial intelligence and cybersecurity), and other strategic economic sectors. The bill establishes a Technology and Innovation Network Advisory Board composed of representatives from national laboratories, universities, businesses, and other key stakeholders to provide guidance and strategic planning. A new Research, Development and Deployment Fund is created to provide project funding for innovative initiatives, with a streamlined application process that prioritizes projects creating high-quality jobs, supporting New Mexico-based companies, and demonstrating strong commercialization potential. The bill also introduces a Technology Innovation Prize program that will award significant monetary prizes (up to $5 million for the top recipient) to New Mexico-registered businesses driving technological innovation, with requirements for recipients to maintain operations in the state and contribute to local economic development. Additionally, the bill transfers existing technology-related offices and funds to the new division and sets up reporting mechanisms to track the economic impact and effectiveness of these innovation initiatives.

Budget and Finance, Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=20&year=25