HOUSE BILL 306

52nd legislature - STATE OF NEW MEXICO - first session, 2015

INTRODUCED BY

W. Ken Martinez and Mary Kay Papen

AN ACT

MAKING AN APPROPRIATION FOR BUSINESS RECRUITMENT AND EXPANSION; REQUIRING REPORTING.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. APPROPRIATION.--Five hundred thousand dollars ($500,000) is appropriated from the general fund to the economic development department for expenditure in fiscal year 2016 for the corporation created pursuant to the provisions of the Economic Development Corporation Act to expand its marketing and prospect-development efforts. The economic development department shall report to the appropriate interim legislative committee on the results of the corporation's efforts to recruit and expand businesses. Any unexpended or unencumbered balance remaining at the end of fiscal year 2016 shall revert to the general fund.