Economic Development Bills Pass House Committees
Santa Fe, NM- Four bills to stimulate economic growth, create jobs, and invest in small New Mexico businesses passed their respective committees today.
HB 103 would fund Central New Mexico Community College (CNM) to create a venture studio to help local startups get off the ground. It is sponsored by Representatives Linda Serrato (D-Santa Fe), Meredith Dixon (D-Albuquerque), and Senator Martin Hickey (D-Albuquerque).
“This program builds on the innovative spirit of New Mexicans,” said Representative Serrato. “This will enable local entrepreneurs to create exciting jobs from the ground up, right here at home.”
HB 109 appropriates funds to CNM for intensive short-term training programs for unemployed or underemployed workers. These “boot camps” would train individuals in tech, tourism, and other trades. This bill is also sponsored by Representatives Serrato and Dixon.
“The pandemic has shown us that workers are ready for something new,” said Rep. Dixon. “Job seekers are looking for specialized shorter-term training to get them into jobs right away.”
Both HB 103 and HB 109 passed out of the House Education Committee with unanimous bipartisan votes.
Also, the House Commerce & Economic Development Committee passed HB 80 and HB 104 which aim to encourage investment in local businesses and spur economic development.
HB 80 would increase the amount of the angel investment tax credit for small local businesses from 25 percent to 50 percent of the investment and make this tax credit refundable. The bill also increases the maximum annual amount of the credit.
HB 80, sponsored by Representatives Serrato, Dixon, Joshua Hernandez (R-Rio Rancho) and Senator Hickey, passed the committee with an 8-2 bipartisan vote.
HB 104 creates the Venture Capital Investment Act to make investments in new and expanding businesses. These investments are required to be made with venture private equity funds or with New Mexico businesses in early stages of development, where they will enhance the economic development objectives of the state.
HB 104, sponsored by Representatives Dixon, Serrato, Javier Martínez (D-Albuquerque), Antonio "Moe" Maestas (D-Albuquerque) and Senator Hickey, passed the committee with a unanimous bipartisan vote.
The Roundhouse is open to the public for the session. Proof of full COVID-19 vaccination will be required to enter the building. Members of the public can 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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