H 118 CREATE OFFICE OF ENTREPRENEURSHIP

Rep T. Ryan Lane

Actions: [2] HCEDC/HAFC-HCEDC [3] DP-HAFC [10] DP/a [11] PASSED/H (54-1) [10] STBTC-STBTC [17] DP [18] PASSED/S (32-4)

Scheduled: Not Scheduled

 House Bill 118 (HB 118) adds a new section of Economic Development to create the Office of Entrepreneurship. HB 118 also specifies duties and requiring reports. Makes an appropriation.
 

 House Bill 118 (HB 118) adds new section of Economic Development to Create the Office of Entrepreneurship.
 
SECTION 1 adds a new section of Economic Development Chapter 9, Article 15 NMSA 1978 to create the Office Entrepreneurship within the Economic Development Division of the Economic Development Department. 

B. The Office of Entrepreneurship shall employ personnel to strengthen policies and programs supporting the growth of entrepreneurship in New Mexico. The office shall work with stakeholders and organizations supporting entrepreneurship to enhance learning and skills, provide technical support and expand access to resources for entrepreneurs across New Mexico. The office shall serve as a point of contact to assist businesses operating for five years or less in their interactions with state government. 

C. By October 1, 2024, and by October 1 of each year thereafter, the Office of Entrepreneurship shall prepare a report that details the extent to which legislation signed by the governor in the prior 12 months supports, hinders or otherwise affects businesses operating for five years or less. 

SECTION 2 makes an appropriation of $500,000 from the General Fund to the Economic Development Department for expenditure in Fiscal Years 2024 through 2026 to fund the Office of Entrepreneurship within the Economic Development Division of the Economic Development department. Any unexpended or unencumbered balance remaining at the end of Fiscal Year 2026 shall revert to the General Fund. 

SECTION 3 provides an effective date of July 1, 2023. 

 House Bill 118 (HB 118) is amended by the House Appropriations and Finance Committee (HAFC) to delete “Appropriation” in the title and to delete Section 2 to remove the appropriation. Hb 118 is then renumbered. 

 House Bill 118 is related to Senate Bill 223382.