Bill To Significantly Boost New Mexico Businesses Passes Senate Floor

Senate Majority Whip Michael Padilla

SANTA FE – Senate Bill 69 (SB 69), also known as the Resident Business Set-Aside Act, has passed the Senate floor. SB 69 is designed to build the local economy and create more jobs for New Mexicans by proposing that 33 percent of certain state contracts go to resident businesses.

Bill sponsor, Senate Majority Whip Michael Padilla, D-Bernalillo, said he is delighted about the support the bill has received in the Legislature and from the public.

“This week, the Senate passed a bill that is important to our state. It’s time we start taking care of local business owners when it comes to state purchasing. This bill gives them the ability to make higher profits and employ more New Mexicans who are ready to work,” Padilla said. “It’s my belief that this will also encourage New Mexico’s entrepreneurs to fill the gaps where we currently do not have a business that provides a specific product or service.”

According to the bill, every contracting agency shall, in consultation with the department, develop an annual plan for how it will achieve the purpose and requirements of the Resident Business Set-Aside Act. Contracts may be awarded for goods, equipment and construction if there is a reasonable expectation that bids may be obtained from at least three qualified resident businesses for a fair and reasonable price.

“I look forward to this bill’s journey through the House of Representatives,” Padilla said.

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