Bill > SB69

This bill, titled the "Resident Business Set-Aside Act," aims to bolster New Mexico's economy by ensuring a significant portion of state contracts for construction, property, and services are awarded to businesses based within the state. It mandates that state contracting agencies must award at least thirty-three percent of their contracts to these "resident businesses," which are defined as businesses holding a special certificate issued by the taxation and revenue department. To obtain this certification, businesses must demonstrate a strong connection to New Mexico, including paying state taxes and property taxes or rent, and for contractors, employing state residents. The act also establishes definitions for various business types, such as "new business" (less than three years old) and "legacy contractor" (licensed in the state for ten consecutive years), and outlines a process for designating specific contracts or portions of contracts as "set-aside contracts" exclusively for resident businesses, provided at least three qualified resident businesses can bid at a fair price. Contracting agencies are required to develop annual plans to meet these goals and submit reports detailing their progress, which the general services department will then compile into an annual report for the governor and legislature. The department is also tasked with consulting with affected industries and creating rules to implement the act, which is set to take effect on July 1, 2015.