The bill amends Section 7-27-5.15 of the New Mexico Statutes to modify the investment parameters of the severance tax permanent fund in relation to New Mexico private equity funds and businesses. Specifically, it establishes that no more than seven hundred million dollars ($700,000,000) of the fund may be invested in these entities, replacing the previous limit of eleven percent of the market value. Additionally, the bill removes previous language that required investments to be made in conjunction with other specified subsections, streamlining the investment process.

Furthermore, the bill outlines the criteria for investments in New Mexico businesses and private equity funds, emphasizing the importance of enhancing the state's economic development objectives. It mandates that the state investment officer must report semiannually on the investments made, detailing the amounts invested and their alignment with economic goals. The effective date for these provisions is set for July 1, 2025.

Statutes affected:
introduced version: 7-27-5.15