Bill > SB26

This bill amends existing New Mexico law to mandate that one-fourth of one percent of the market value of the severance tax permanent fund be invested in New Mexico business enterprises that are approved by a newly created "technology research collaborative." The technology research collaborative, managed by the economic development department, will be comprised of national laboratories, major research institutes, and post-secondary educational institutions, with a board of eleven members including university presidents, gubernatorial appointees with expertise in relevant fields, and directors of national laboratories. The collaborative's purpose is to establish advanced technology centers, foster intellectual property development and commercialization, and create a skilled workforce. The bill also specifies that the state investment officer will make these investments upon approval of the technology research collaborative's board, and it requires semiannual reporting on these New Mexico private equity investments, including the returns on those investments. Additionally, the bill repeals a previous law related to technology development.