Bill > HB66

This bill amends existing New Mexico law to allocate a specific 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 of one percent of the fund's market value will be invested in these approved New Mexico business enterprises. The bill also establishes the technology research collaborative, which will be managed by the economic development department and include representatives from national laboratories, research institutes, and post-secondary educational institutions. The collaborative's purpose is to foster advanced technology centers, develop intellectual property, commercialize innovations, and build a skilled workforce. A board will oversee the collaborative, with its members appointed by the governor and including leaders from key research institutions and individuals with expertise in finance and technology. This board will review and approve equity investments made by the state investment council in New Mexico businesses, ensuring that investments align with the collaborative's goals of economic development and job creation. Additionally, the bill repeals a previous law related to technology development.