The bill amends the Bioscience Development Act to enhance investment in bioscience companies in New Mexico. Key amendments include the establishment of new definitions, such as "New Mexico business" and "portfolio business," which clarify the criteria for businesses eligible for investment. The bill also creates a bioscience development fund that will not revert at the end of the fiscal year and outlines the financial assistance that can be provided to qualified entities. Additionally, it mandates that the authority submit annual reports of its activities to the governor and legislature, ensuring transparency.

New requirements for investment are introduced, stipulating that businesses must maintain a minimum in-state workforce and salary levels as a condition for receiving funds. The bill also includes provisions for reimbursement obligations if a portfolio business fails to meet its contractual commitments. Furthermore, it establishes employment restrictions for entities benefiting from the authority's funding, prohibiting them from hiring board members or their relatives. Lastly, the bill mandates quarterly investment reporting to ensure accountability and public access to investment activities. The provisions of this act are set to take effect on July 1, 2025.

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