The bill amends the Local Economic Development Act in New Mexico to expand the definition of "qualifying entity" to include businesses that provide medical services. Specifically, it adds a new category for businesses offering medical services performed by licensed professionals under various health-related acts, such as the Medical Practice Act and the Nursing Practice Act, among others. This inclusion aims to support the growth of medical service providers within the framework of economic development initiatives.

Additionally, the bill removes the previous exclusion of retail businesses from the definition of "qualifying entity," thereby allowing retail businesses to be eligible for public support under the Local Economic Development Act. These changes are intended to enhance economic development efforts by broadening the types of entities that can receive assistance, ultimately fostering growth in both the medical and retail sectors within the state.