SENATE CORPORATIONS AND TRANSPORTATION COMMITTEE SUBSTITUTE FOR

SENATE BILL 564

48th legislature - STATE OF NEW MEXICO - second session, 2008

AN ACT

RELATING TO THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE; ENACTING A NEW SECTION OF THE SEVERANCE TAX BONDING ACT TO PROVIDE FOR INVESTMENTS IN TECHNOLOGY COMMERCIALIZATION OF PATENTS HELD BY FORMER NATIONAL LABORATORY EMPLOYEES.

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

     Section 1. A new section of the Severance Tax Bonding Act is enacted to read:

     "[NEW MATERIAL] INVESTMENT IN TECHNOLOGY COMMERCIALIZATION.--

          A. No more than one-half of one percent of the market value of the severance tax permanent fund may be invested in technology commercialization of patents held or business plans designed by former employees of Los Alamos national laboratory or Sandia national laboratories.

          B. If an investment is made under this section, not more than one million dollars ($1,000,000) of the amount authorized for investment pursuant to Subsection A of this section shall be invested in any one New Mexico enterprise for commercialization of technology based on patents held or business plans designed by former employees of Los Alamos national laboratory or of Sandia national laboratories.

          C. The state investment officer may make debt or equity investments pursuant to this section upon approval of the council after a review by the private equity investment advisory committee and by recommendation of a business incubator, the technology research collaborative or the university of New Mexico patent office."

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