The bill amends the Bioscience Development Act to enhance investment in bioscience companies in New Mexico. Key provisions include the establishment of a bioscience development fund, which will not revert at the end of a fiscal year, and the introduction of new definitions, such as "New Mexico business" and "portfolio business." The authority is authorized to invest in bioscience businesses that maintain a minimum in-state workforce and salary, or that relocate to New Mexico under specific conditions. Additionally, the bill outlines requirements for investment assessments, co-investing organizations, and contractual obligations for portfolio businesses, including reimbursement conditions if contractual obligations are not met.

Furthermore, the bill introduces employment restrictions for entities benefiting from the authority's funding, making violations a fourth-degree felony. It mandates quarterly investment reporting to the board of directors, ensuring transparency. An appropriation of $25 million from the general fund is allocated for the bioscience development fund for fiscal year 2026 and beyond, with any unspent balance not reverting to the general fund. The provisions of this act will take effect on July 1, 2025.

Statutes affected:
introduced version: 9-15E-1, 9-15E-2, 9-15E-7, 9-15E-8