Bill > SB18

This bill, the Resident Business Set-Aside Act, requires that at least 33% of a contracting agency's contracts be awarded to resident businesses in New Mexico. It defines key terms like "contracting agency," "resident business," and "set-aside contract." The bill establishes a certification process for resident businesses and resident contractors, and requires contracting agencies to develop annual plans to meet the 33% requirement. It also mandates reporting and allows for penalties if a business provides false information to obtain certification or fails to perform work as required. The purpose is to encourage the health of New Mexico's economy by ensuring a fair proportion of the state's contracts go to in-state businesses.

Justice, Transportation and Infrastructure

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=18&year=17