REPORTING OF ECONOMIC DEVELOPMENT INCENTIVES

SB 158 requires New Mexico's Economic Development Department to create an annual report on all projects funded through public support under the Local Economic Development Act. The report must detail each project's public funding amount, capital investment commitments, job creation numbers and wages (including full-time economic base jobs), and the project's economic return on investment. It also mandates that the department and Industrial Training Board share workforce training data - including trainee numbers, average wages, locations, and economic impact - with the Legislative Finance Committee. The report will be published online (excluding confidential business information) and submitted to the committee starting July 1, 2025, to evaluate the effectiveness of economic development incentives.