Technology (Economic Development)

This bill establishes the New Mexico-Ireland Trade Commission within the Economic Development Department to strengthen economic ties between New Mexico and Ireland. The commission, composed of appointed members including legislative leaders, Irish-American community representatives, and sector experts (agriculture, energy, higher education), will focus on advancing trade in technology, agriculture, and energy. It must hold annual meetings, promote business and academic exchanges, and submit yearly reports to state leaders by December 1. The commission aims to foster mutual investment and policy collaboration without imposing new regulations or taxes.

SB 36 creates a 30% tax credit for businesses making at least $3 million in qualified infrastructure or equipment expenditures for quantum facilities located in New Mexico. The credit, capped at $50 million per facility, directly affects companies building quantum technology research facilities in the state. Key provisions require preliminary and final certification from New Mexico's Economic Development Department, mandate equipment stay in-state for 10 years, and include specific definitions for "quantum facility" and "qualified equipment." The credit reduces income tax liability, with unused portions refundable, and is subject to an annual $50 million state budget cap.