Bill > HB517

This bill, titled the "Historically Underutilized Business Opportunity Act," aims to promote equal business opportunities by encouraging state agencies to use historically underutilized businesses (HUBs) in their purchasing. A HUB is defined as a for-profit business with an average annual volume of $1.5 million or fewer employees (150 or fewer) over the past three years, with its main office in New Mexico, and at least 51% owned by a woman, veteran, African American, Hispanic, Asian-Pacific American, or Native American. The bill establishes statewide goals for HUB utilization, starting at 10% for fiscal year 2016, and requires state agencies to make good-faith efforts to meet these goals, either by contracting directly with HUBs or through subcontracting. The State Auditor will oversee the program, including certifying HUBs, maintaining a database, and reporting on agency progress, while state agencies will set their own specific goals, consider subcontracting opportunities for contracts over $100,000, and report their utilization data monthly.