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| SPONSOR: | Picraux | DATE TYPED: | 02/13/01 | HB | 486 | ||
| SHORT TITLE: | Investment of Venture Capital Standard | SB | |||||
| ANALYST: | Eaton | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY01 | FY02 | |||
|
See Narrative |
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(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
State Land Office (SLO)
State Investment Council (SIC)
SUMMARY
Synopsis of Bill
This bill would augment the investment standards portion Venture Capital Investment laws for both the Land Grant Permanent Fund and the Severance Tax Permanent Fund (6-8-21 & 7-27-5.6 respectively). It would direct the State Investment Officer to give consideration to investments when the recipient of the venture capital would locate on state trust lands.
Significant Issues
The State Land Office (SLO) reports that this legislation would encourage a higher percentage of investment of New Mexico's permanent funds in New Mexico. The SLO also report that investment in infrastructure by these businesses on trust lands will increase the value of these lands.
FISCAL IMPLICATIONS
The State Investment Council reported no fiscal impact. The State Land Office report that this bill could have a positive impact on the State Land Office Maintenance Fund because rents on buildings located on trust lands are deposited with the State Land Office.
JBE/prr:ar