Bill to Encourage Investment in NM Tech Companies Heads to Governor’s Desk

STATE News:

SANTA FE – New Mexico has long been the birth place of science and technology, and legislation just approved in the Senate will help to keep and grow businesses that develop technology in the state.

House Bill 401a “State Investment in Tech Transfer Companies,” sponsored by Rep. Carl Trujillo would allow the State Investment Council (SIC) to make investments in New Mexico private equity funds or in businesses operating a facility in New Mexico using research developed, in whole or in part, by a state academic institution or a contractor designated as a national laboratory.

An additional component to this bill involves state trust lands managed by the State Land Office. This bill incentivizes businesses to locate and invest on state trust lands, which results in increased revenue from leasing that would benefit one or more of the 21 state land trust beneficiaries.

“This can be a win-win for New Mexico; fostering an environment to keep high-wage careers, promote new ones, and grow and sustain a healthy economy, while mitigating risk with New Mexico investments,” Trujillo said. “Legislation like this might have kept Bill Gates and Paul Allen from moving Microsoft out of New Mexico.”

Successfully commercializing technology developed in the State can contribute to the growth of New Mexico’s economy, generate new investment and revenue and create high-wage, career-oriented jobs that may act as an incentive to keep graduates of New Mexico universities in the state.

HB 401a heads to the Governor for signature.

Rep. Carl Trujillo is a first-term legislator. He is a Democrat representing District 46 in Santa Fe County.

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