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 regarding investment commitments to small business investment corporations and the New Mexico finance authority, instead specifying that the state investment officer must invest five hundred million dollars ($500,000,000) in compliance with the Small Business Recovery and Stimulus Act.

The bill also 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 report semiannually on the investments made, detailing the amounts invested, the objectives of the funds, and how these investments contribute to economic development. The provisions of this act are set to take effect on July 1, 2025.

Statutes affected:
introduced version: 7-27-5.15