Bill > HB36

This bill amends existing law to allocate a portion of the severance tax permanent fund, a state investment fund, towards New Mexico businesses approved by a newly created "technology research collaborative." Specifically, one-fourth percent of the fund's market value will be invested in these approved businesses, which are defined as those involved in technology transfer, research and development, and commercialization, often stemming from research at state institutions or national laboratories. The bill also establishes the technology research collaborative itself, outlining its purpose to foster innovation, create intellectual property, and develop a skilled workforce, and details its governance structure, including a board composed of university presidents, national lab directors, and appointed experts. Additionally, the bill adjusts the maximum percentage of the severance tax permanent fund that can be invested in a single business from fifty-one percent to forty-nine percent, with exceptions for situations like foreclosure.