capitol reports

Capitol Report – January 26, 2024

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A bill intended to help support entrepreneurs across New Mexico is being considered today.

Jason Espinoza reports from the Roundhouse:

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This is Jason Espinoza with today’s capitol report.

A bi-partisan group of legislators are seeking to extend the sunset date for the Angel Investment Tax Credit, which proponents say is needed to catalyze continuing growth of investment dollars into the local entrepreneurial ecosystem.

Sponsors of House Bill 83 include Representative Linda Serrato, House Commerce & Economic Development Committee Chair Dorren Gallegos, and Representative Joshua Hernandez.

According to an Analysis of the bill by the New Mexico Economic Development Department, the extension of the sunset date for the Angel Investment Tax Credit will enable the continuation of an incentive for New Mexico taxpayers to invest in New Mexico businesses.

Supporters of the bill note that one major challenge for New Mexico companies is access to financial capital citing evidence that shows New Mexico ranks 40th in venture capital funding. They also stress the need to increase venture funding in New Mexico in order to build out our entrepreneurial ecosystem and to create new businesses and jobs. A brief provided by the New Mexico Angels and New Mexico Chamber of Commerce states that the Angel Investment Tax Credit creates valuable jobs averaging $70K per year.

House Bill 83 is scheduled to be heard today in the House Commerce & Economic Development Committee. If passed it will then be considered by the House Taxation and Revenue Committee.

For the New Mexico News Network, I’m Jason Espinoza

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