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 companies eligible for investment. The bill also creates a bioscience development fund that will not revert at the end of the fiscal year, allowing for more stable funding for bioscience projects. Additionally, it outlines specific requirements for investments, including maintaining a minimum in-state workforce and salary, and mandates that investments be made in collaboration with co-investing organizations.

Furthermore, the bill introduces employment restrictions for entities benefiting from the authority, prohibiting them from hiring board members or employees of the authority for a specified period. It also establishes penalties for violations of these provisions. The authority is required to submit annual reports on its activities and investment performance, ensuring transparency and accountability. The effective date for the provisions of this act is set for 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