SANTA FE ― A bill that would invest in New Mexico infrastructure projects passed the New Mexico House, March 9, by a bipartisan vote of 47-20.
HB 405 allows the State Investment Council (SIC) to invest half of the state’s permanent fund infrastructure investments on infrastructure projects in New Mexico.
“By investing in our state’s infrastructure we are ensuring job creation and long term economic growth,” bill sponsor Representative Antonio Maestas (D-Albuquerque) said. “It should be the policy of state and local governments to invest locally whenever possible.”
Currently, the State Investment Council invests around $400 million from the state’s two permanent funds – the Land Grant Permanent Fund and the Severance Tax Permanent Fund. Investments in infrastructure from SIC can be a strong economic engine for the state, creating jobs and generating sales and tax revenues.
HB 405 now moves to the New Mexico Senate for consideration.