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 includes provisions for the state investment officer to make investments in New Mexico businesses that create job opportunities and support emerging enterprises. It specifies that investments should be made in conjunction with cooperative agreements and outlines the types of businesses eligible for investment, including those involved in technology transfer and research. The state investment officer is required to report semiannually on the investments made, detailing the amounts invested and their alignment with the state's economic development goals.

Statutes affected:
introduced version: 7-27-5.15