Bill > SB618

This bill amends existing law to shift the focus of investment from New Mexico private equity funds and businesses to local economic development and infrastructure projects. Specifically, it mandates that between six and ten percent of the severance tax permanent fund, a fund derived from taxes on natural resource extraction, shall be invested in local economic development and infrastructure projects, such as land, buildings, roads, and other fixed assets in municipalities and counties, to attract and maintain businesses. The state investment officer, with the approval of the council, will be responsible for making these investments, which aim to enhance local economic development objectives. The bill also updates reporting requirements to reflect these new investment priorities, requiring semiannual reports on these investments to be submitted to the legislature and relevant committees.