Bill Sets Out to Increase Investments in New Mexico Startups
House Bill 201 Moves to the Senate
Santa Fe – Tonight, a House bill to increase investments in New Mexico startups is moving to the Senate. House Bill 201, sponsored by Reps. Carl Trujillo (D-Santa Fe) and Nathan Small (D-Las Cruces) opens up more investment dollars to New Mexico startups through the Angel Investment Tax Credit. Angel investments are dollars made available by investors interested in New Mexico’s innovative startup companies helping diversify our economy and bringing high wage job opportunities to communities in the state.
“New Mexico is home to an amazing entrepreneurial spirit, and when people in our communities want to start businesses and create jobs, they need the capital to do it,” said Rep. Carl Trujillo. “This bill would make more funds available to give new startups a boost and create a reality for a more diverse economy.”
“New Mexico startups deserve the full benefit of tax credits intended to encourage investors from both outside and inside the state to invest,” said Rep. Nathan Small. “The goal of this bill is to stimulate our economy, and ensure the New Mexico’s innovation and creativity will result in successful businesses and new good paying jobs.”
The Angel Investment Tax Credit is meant to attract and encourage investment dollars into early-stage, innovative companies. Investments provide these companies with much needed access to working capital to further their growth and success in the state. If made law, HB 201 will open up more investment dollars to New Mexico startups.
Hunter McDaniel, a business owner in Rep. Stephanie Garcia Richard’s (D-Los Alamos) district, advocated for HB 201, saying, “I am writing to support proposed changes to the New Mexico angel investment tax credit. It would have benefited our company if the changes were in effect over the past few years when we were raising investments for our business. This tax credit will make fundraising to expand our business easier, faster, and more impactful.”
House Democrats know that small home-grown businesses are driven by the creativity and innovative spirit of fellow New Mexicans and are committed to ensuring local businesses have the resources to thrive.