Bill > SB10

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 government agencies, referred to as "contracting agencies," must award at least thirty-three percent of their contracts to "resident businesses," which are defined as businesses holding a valid certificate from the taxation and revenue department. To obtain this certification, businesses must demonstrate a sustained presence and tax contributions in New Mexico, with specific criteria for new, relocated, or Indian-owned businesses. The act also defines terms like "set-aside contract" (contracts exclusively for resident businesses) and "tangible personal property" (physical goods other than real estate). Contracting agencies are required to develop annual plans to meet these goals and can designate specific contracts as "set-aside contracts" if at least three qualified resident businesses can bid. The bill also establishes a process for resolving disputes regarding contract designations and allows for exceptions if federal funding is jeopardized. Furthermore, it mandates annual reporting by contracting agencies to the general services department, which will then compile a report for the governor and legislature on the act's effectiveness. The general services department is also tasked with consulting with affected industries and promulgating necessary rules for implementation, with the act taking effect on July 1, 2016.