The bill amends and enacts various sections of the Bioscience Development Act to enhance investment in bioscience companies in New Mexico. Key provisions include the establishment of a "bioscience development fund" that will not revert at the end of the 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 agree to relocate to New Mexico. Additionally, the bill outlines specific assessment factors for investment decisions 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. Quarterly investment reports are required to be presented to the board of directors and made publicly available. 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