Bill would reserve state fund money for quantum and fusion facilities

The bill would set aside portions of the fund for quantum projects, fusion projects, and other fund purposes. The money would go from the Research, Development and Deployment Fund to the Economic Development Department. Up to 33 percent of the fund balance could go to each type of facility project, and up to 34 percent could go to other fund purposes. No more than one-third of the appropriated amounts could be spent in one fiscal year. Any unspent amount at the end of fiscal year 2029 would return to the fund.

Companies could seek funding for qualifying quantum facility infrastructure in New Mexico. A qualifying facility must conduct quantum technology research and development in New Mexico. Facilities operated for the United States or its agencies would not qualify. Applicants must spend at least $3 million on qualifying infrastructure and apply for preliminary certification before spending. Funding could cover up to 30 percent of qualifying costs, capped at $50 million per facility; total certifications could not exceed $75 million and depend on available fund money. Certain publicly owned industrial revenue bond property, previously owned property, and property receiving an Investment Credit Act credit would not qualify. Applicants must seek final certification within 12 months after construction is complete.

Companies could seek funding for qualifying fusion facility costs in New Mexico. A qualifying facility must build fusion machines or their components in New Mexico, or operate a fusion machine there for research and development. Facilities operated for the United States or its agencies would not qualify. Before spending, applicants must apply for preliminary certification by the first day of the fiscal year in which they plan to seek funding. Applicants must have invested at least $10 million in New Mexico, employ at least 30 full-time workers there, and plan to invest at least $100 million there within four years after applying. Funding could cover up to 30 percent of qualifying costs, capped at $50 million per facility; yearly certifications could not exceed $75 million and would depend on available fund money. The department would decide preliminary applications within 30 days and final applications within 60 days. Applicants must receive preliminary certification before making a qualifying expenditure.

The bill describes a board with nine public members and sector-based subcommittees. The board is part of the Economic Development Department's technology and innovation division. The nine public members would have investment or business-support experience in aerospace and space, biosciences, clean energy and water, or advanced computing. A sector subcommittee would include two representatives from its sector, one from a laboratory, one from a university, and the secretary or a designee as chair. The proposed appointments to fill the board positions would be due by July 1, 2026.