Bill > HB347

This bill establishes a "local business opportunity fund" within the state treasury, which will be administered by the economic development department to support economic development projects for qualifying entities that are small resident businesses. A small resident business is defined as an independently owned and operated business with fifty or fewer full-time employees that has a history of paying state taxes and property taxes or rent in New Mexico, or if it's a new or relocated business, its owners or employees have demonstrated a similar connection to the state. The bill also amends the Local Economic Development Act to include this new definition and appropriates $5 million from the general fund to this new fund for fiscal year 2016 and beyond, with the funds not reverting at the end of a fiscal year.