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SSTI Digest
Geography: New Mexico
People
Rick Homans will step down as secretary of the New Mexico Economic Development Department to become executive director of the New Mexico Spaceport Authority, effective May 1.
New Mexico Legislature: Tax Credits, Energy Initiatives among Successes of 2007 Regular Session
With the close of its 2007 regular session, the New Mexico State Legislature wrapped up "one of the most productive sessions in state history." Those were the words of Gov. Bill Richardson, following the legislature's adjournment last month. The governor had outlined a number of economic development and energy initiatives in his 2007 State of the State Address that he hoped would be brought to bear (see the Jan. 15, 2007 issue of the Digest). While not all of the initiatives were realized during the regular session, there were a few victories providing the governor cause to celebrate:
People
Art Garcia has resigned as director of the Community Development Financial Institutions (CDFI) Fund to accept a job with the U.S. Department of Agriculture in his home state of New Mexico.
People
New Mexico Gov. Bill Richardson has appointed Stephan Helgesen as director of the Office of Science and Technology at the state Economic Development Department.
New Mexico Governor Proposes Education, Research and Energy Initiatives for 2007
New Mexico Gov. Bill Richardson recently announced a series of budget requests for the 2007 legislature intended to increase access to public universities and to support research and investment in emerging technologies. Together, the requests call for more than $120 million in state investment in higher education quality and affordability, supercomputing and stem cell research, and new energy initiatives.
Higher Education
Much of this funding would provide scholarships for students through the state's College Affordability Fund. The fund was created last year to support traditional and nontraditional college students, with up to $1,000 per semester in need-based funding. Gov. Richardson recommends the state invest $50 million, on top of the initial $49 million invested last year, to expand the program. The governor also is proposing a state tax credit equal to 25 percent of the federal Hope and Lifetime Learning Tax Credits to assist with tuition and fees.
People
Thomas Bowles was named science advisor to New Mexico Gov. Bill Richardson, succeeding a number of fellow Los Alamos National Laboratory scientists serving the governor.
New Mexico Gov. Wants $100M for Private Spaceport
Nearly 40,000 people in 120 countries have placed deposits with the British commercial space company for the opportunity to become tourists in space, according to Virgin Galactic. Last Tuesday, New Mexico's governor said he wants the state to spend $100 million over the next three years to help get them there.
Gov. Bill Richardson and Virgin Companies chairman Richard Branson announced the world's first spaceport designed for personal spaceflight will be built on 27-square miles of state land in southern New Mexico, at an estimated total cost of $225 million. The package includes development of Virgin Galactic's world headquarters, to be built underground, as well as the above-ground runway and support buildings.
People
Eric Griego was appointed assistant secretary of economic development for the New Mexico Economic Development Department.
People
Gov. Bill Richardson appointed William Enloe, CEO of Los Alamos National Bank, to serve as chairman of the New Mexico Economic Development Partnership.
New Mexico Adds Tax Credit, Loan Program to TBED Portfolio
Tech firms in New Mexico received happy tax news on April 4 as Gov. BIll Richardson signed several bills to encourage economic growth across New Mexico. House Bill 410 authorizes the Small Business Technology Tax Credit, created to attract R&D investment into the state by providing small companies with a three-year “tax holiday.” The tax credit is available to businesses with total revenue of $5 million or less, no more than 25 employees, and qualified research expenditures of at least 20 percent.
Gov. Richardson also signed H.B. 518, the SMART Money Initiative, which creates a $10 million fund to be used as loans for companies looking to build or expand in New Mexico, particularly in rural areas. The initiative will be administered by the New Mexico Finance Authority and is estimated to grow to $30 million over 10 years with loan paybacks. The governor anticipates the state's one-time $10 million investment will net approximately 3,000 jobs over the decade.
People
Former New Mexico Gov. Garrey Carruthers (1987-1990) has been named vice provost for economic development at New Mexico State University.
VC News
New Mexico Firms Would Receive $30M in Venture Funding
New Mexico might be close to closing on two venture deals worth a combined $30 million, the Albuquerque Journal recently reported. The New Mexico State Investment Council (SIC) gave preliminary approval of the $30 million to two Santa Fe-based firms early last month. Flywheel Ventures, one of the two companies in consideration for the money, was said to be raising its own $30 million for investment in seed and early-stage technology companies. Rio Grande Venture Partners, the other beneficiary, would indirectly contribute to tech firms through a $100 million fund it hopes to close this spring. The New Mexico investment program requires that both companies provide match funding and do business in the state, either whole or in part.