STATE News:
- Bill would support new and emerging business, spur job-creating economic development
SANTE FE – Saturday night HB 104, the Venture Capital Investment Act which would create the venture capital investment fund to make investments in new and emerging or expanding businesses in New Mexico passed the House floor with a bipartisan vote of 49-20.
The venture capital investment fund would be used to invest in businesses that create new job opportunities under the New Mexico Finance Authority. These investments are required to be made with venture private equity funds or with New Mexico businesses in early stages of development, where the investments enhance the economic development objectives of the state.
“The best investment we can make is in New Mexico businesses,” said Rep. Linda Serrato (D-Santa Fe). “Capital today means economic development and jobs in our communities tomorrow.”
HB 104 was sponsored by Representatives Meredith Dixon (D-Albuquerque), Serrato, Javier Martínez (D-Albuquerque), Antonio “Moe” Maestas (D-Albuquerque) and Sen. Martin Hickey (D-Albuquerque).
It now advances to the Senate.
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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