The bill amends Section 7-27-5.15 of the New Mexico 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 within the state by allowing for greater financial support to local businesses and private equity funds that contribute to the state's economic objectives.

Additionally, the bill outlines the criteria for investments made by the state investment officer, emphasizing the importance of supporting businesses that create new job opportunities and stimulate economic growth. It includes provisions for investments in aerospace businesses and technology transfer initiatives, while also establishing reporting requirements to ensure transparency and accountability regarding the investments made. The bill reflects a commitment to fostering a robust economic environment in New Mexico through increased investment in local enterprises.

Statutes affected:
introduced version: 7-27-5.15