The bill amends the Severance Tax Bonding Act to increase the allowable investment in New Mexico private equity funds and businesses from eleven percent to fourteen percent of the market value of the severance tax permanent fund. This change aims to enhance economic development in the state by allowing for greater financial support of local businesses and private equity initiatives. The bill also outlines the criteria for investments, emphasizing the importance of supporting businesses that contribute to the state's economic objectives.

Additionally, the bill maintains existing provisions regarding the role of the state investment officer and the council in approving investments, as well as the definitions of New Mexico businesses and private equity funds. It includes stipulations for investment limits and commitments to small business investment corporations and the New Mexico finance authority, ensuring that investments align with the state's economic goals. The state investment officer is required to report on these investments semiannually and provide detailed annual reports to the legislature, ensuring transparency and accountability in the investment process.

Statutes affected:
introduced version: 7-27-5.15