summary
Introduced
01/17/2017
01/17/2017
In Committee
01/29/2017
01/29/2017
Crossed Over
01/22/2017
01/22/2017
Passed
Dead
03/18/2017
03/18/2017
Introduced Session
2017 Regular Session
Bill Summary
AN ACT RELATING TO ECONOMIC DEVELOPMENT; AMENDING A SECTION OF THE SEVERANCE TAX BONDING ACT TO REQUIRE THE STATE INVESTMENT COUNCIL TO INVEST ONE-FOURTH PERCENT OF THE MARKET VALUE OF THE SEVERANCE TAX PERMANENT FUND IN NEW MEXICO BUSINESSES THAT ARE APPROVED BY THE TECHNOLOGY RESEARCH COLLABORATIVE; TRANSFERRING THE FISCAL ADMINISTRATION OF THE TECHNOLOGY RESEARCH COLLABORATIVE FROM THE NEW MEXICO INSTITUTE OF MINING AND TECHNOLOGY TO THE ECONOMIC DEVELOPMENT DEPARTMENT; CHANGING THE COMPOSITION OF THE BOARD OF THE TECHNOLOGY RESEARCH COLLABORATIVE; AMENDING, REPEALING AND ENACTING SECTIONS OF THE NMSA 1978.
AI Summary
This bill amends the Severance Tax Bonding Act to require the State Investment Council to invest one-fourth percent of the market value of the Severance Tax Permanent Fund in New Mexico businesses that are approved by the newly created Technology Research Collaborative. The bill also transfers the fiscal administration of the Technology Research Collaborative from the New Mexico Institute of Mining and Technology to the Economic Development Department, and changes the composition of the Collaborative's board. Additionally, the bill repeals a section of the law related to the Collaborative.
Committee Categories
Budget and Finance, Labor and Employment, Transportation and Infrastructure
Sponsors (1)
Last Action
[LD 13] Referred to Senate Corporations & Transportation (on 01/29/2017)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=128&year=17 |
| BillText | http://www.nmlegis.gov/Sessions/17%20Regular/bills/house/HB0128.pdf |
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