Bill > HB492

This bill establishes a new Planning Bureau within the Economic Development Division of the Economic Development Department to address state growth and development challenges. The bureau will be responsible for preparing a comprehensive development plan in collaboration with multiple state agencies, including the Department of Transportation, Department of Environment, New Mexico Mortgage Finance Authority, regional planning commissions, and regional housing authorities. The plan will focus on job creation, housing, transportation needs, and improving interagency coordination. The bureau is required to update this development plan every three years or more frequently if needed, and will also be available to collaborate with Indian nations, tribes, and pueblos on development and planning matters upon their request. To support the bureau's establishment and operations, the bill appropriates $1 million from the general fund for fiscal year 2026 and subsequent years, with any unused funds allowed to carry over rather than reverting to the general fund. This initiative aims to create a more strategic and coordinated approach to economic and infrastructure development across New Mexico.

Government Affairs

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=492&year=25