HOUSE BILL 146
50th legislature - STATE OF NEW MEXICO - second session, 2012
RELATING TO ECONOMIC DEVELOPMENT; ESTABLISHING THE RURAL ECONOMIC DEVELOPMENT INSTITUTE AT WESTERN NEW MEXICO UNIVERSITY; PROVIDING FOR THE DEVELOPMENT OF A STATE NEW MARKETS TAX CREDIT PROGRAM; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of Chapter 21, Article 3 NMSA 1978 is enacted to read:
"[NEW MATERIAL] RURAL ECONOMIC DEVELOPMENT INSTITUTE CREATED--PURPOSE--DUTIES.--
A. The "rural economic development institute" is created as a division of western New Mexico university.
B. The rural economic development institute may receive appropriations from the legislature through the board of regents of western New Mexico university and may receive any other items of value from public or private sources.
C. The purposes of the rural economic development institute are to:
(1) provide research and training for rural economic development;
(2) transfer information through the use of technical and miscellaneous publications, newsletters, conferences and presentations;
(3) provide expertise, specialized assistance and information to address rural economic development problems and solutions;
(4) cooperate with local, state and federal agencies that are involved with rural economic development;
(5) coordinate its rural economic development efforts with other higher education institutions in New Mexico; and
(6) promote and facilitate the use of federal new markets tax credits as a means to further rural economic development and develop a state new markets tax credit program to leverage available federal new markets tax credits.
D. By August 1, 2012, the rural economic development institute shall develop proposed legislation and rules for implementation of a state new markets tax credit program and present the proposed legislation and rules to the appropriate interim legislative committees."
SECTION 2. APPROPRIATION.--Five thousand dollars ($5,000) is appropriated from the general fund to the board of regents of western New Mexico university for expenditure in fiscal years 2012 and 2013 for the rural economic development institute. Any unexpended or unencumbered balance remaining at the end of fiscal year 2013 shall revert to the general fund.
SECTION 3. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.
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