The bill seeks to enhance economic development in New Mexico by amending the Research, Development and Deployment Fund Act. It establishes that funds are subject to legislative appropriation and allows for expenditures specifically for quantum and fusion facility infrastructure projects. New eligibility requirements for funding are introduced, including financial thresholds for applicants and caps on funding amounts. The bill also creates new sections that define eligibility criteria for quantum and fusion facilities, detailing qualified expenditures and the application process for funding.

Additionally, the bill revises the structure and responsibilities of the Technology and Innovation Network Advisory Board. It reduces the number of public members from eleven to nine, removes certain representatives from the University of New Mexico Health Sciences Center, and adjusts the criteria for public members to emphasize experience in investment or entrepreneurial support. The board's duties are outlined, including strategic planning and administering the fund, with a requirement to meet quarterly and publish annual performance reports. A temporary provision will terminate the terms of certain board members upon the act's effective date, necessitating new appointments by July 1, 2026. The bill also includes appropriations for fiscal years 2027 through 2029, with stipulations on spending limits and the reversion of unspent funds. The provisions will take effect on July 1, 2026.

Statutes affected:
introduced version: 9-15-15.4, 9-15-15.5
CE substitute: 6-31A-1, 6-31A-3, 9-15-15.4, 9-15-15.5