Bipartisan Economic Development Bills Advance Through House
Proposed legislation would support local entrepreneurs and spur investment in early-stage companies in New Mexico
Santa Fe, NM - Two important bills to grow and diversify New Mexico’s economy were passed by the House Commerce & Economic Development Committee (HCEDC) today with strong bipartisan support.
Unanimously passed by HCEDC, House Bill 69 would stimulate investment in young businesses in New Mexico by increasing the annual cap on angel investment credits. The legislation holds bipartisan sponsorship from Reps. Linda Serrato (D-Santa Fe), Meredith Dixon (D-Albuquerque), and Joshua Hernandez (R-Rio Rancho).
“House Bill 69 creates a major incentive for investors to increase the capital given to early-stage startups in New Mexico, right when they need it most,” said Rep. Serrato. “By attracting greater investments, we will bolster economic development in our state and make New Mexico more competitive for both workers and businesses.”
House Bill 118, which would create the Division of Entrepreneurship within the Economic Development Department in order to provide greater support and resources for budding business owners in New Mexico, passed the committee 9-1. This legislation is sponsored by House Minority Leader Ryan Lane (R-Aztec) and Reps. Dixon, Serrato, Hernandez, and Doreen Gallegos (D-Las Cruces).
“Entrepreneurs are vital to job creation and much-needed economic diversification, so we must support their growth and make it easier for them to do business in New Mexico,” said Rep. Dixon. “House Bill 118 will provide our homegrown entrepreneurs with the tools and resources needed to get their businesses off the ground and contribute to New Mexico’s economy.”
HB 69 will be heard next in the House Taxation and Revenue Committee, while HB 118 will head to the House Appropriations and Finance Committee.
The Roundhouse is open to the public for the 2023 session. Members of the public can also view floor sessions and committee meetings on the New Mexico Legislature’s Webcasts tab, and provide comment via phone or Zoom as directed on the daily schedule.
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