New Mexico 2020 Special Session Status: Enacted

SB 3 — SMALL BUSINESS RECOVERY ACT OF 2020

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    Enacted

This bill has been enacted into law. Introduced June 18, 2020. Enacted.

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Plain-language change summary

The amendments to SB 3 introduce a Small Business Recovery Loan Fund aimed at helping certain businesses affected by the COVID-19 pandemic. It establishes specific terms for these loans, which will need to be repaid, and mandates that a portion of the Severance Tax Permanent Fund be invested in loans to local governments that have seen a drop in revenue due to the pandemic. Additionally, it allows for increased investments in New Mexico private equity funds and businesses. These changes are significant as they provide financial support to small businesses and local governments during a challenging economic period.

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SENATE BILL 3 54TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SPECIAL SESSION, 2020 INTRODUCED BY Jacob R.
Candelaria and John M.
Sapien and Sander Rue This document incorporates amendments that have been adopted during the current legislative session.
The document is a tool to show the amendments in context and is not to be used for the purpose of amendments.
ENACTING THE SMALL BUSINESS h RECOVERY ACT OF 2020;
ENACTING THE SMALL BUSINESS RECOVERY ACT OF 2020;
CREATING THE SMALL BUSINESS RECOVERY LOAN g o FUND;
CREATING THE SMALL BUSINESS RECOVERY LOAN FUND;
PROVIDING SMALL BUSINESS RECOVERY LOANS FOR CERTAIN t hr g e i k BUSINESSES;
PROVIDING SMALL BUSINESS RECOVERY LOANS FOR CERTAIN BUSINESSES;
ESTABLISHING TERMS FOR SMALL BUSINESS RECOVERY h r i s LOANS;
ESTABLISHING TERMS FOR SMALL BUSINESS RECOVERY LOANS;
PROVIDING FOR THE INVESTMENT OF THE h , t, SEVERANCE TAX PERMANENT FUND IN CERTAIN LOANS;
PROVIDING FOR THE INVESTMENT OF THE SEVERANCE TAX PERMANENT FUND IN CERTAIN LOANS;
e u g e b l e e h REQUIRING A CERTAIN AMOUNT OF THE SEVERANCE TAX PERMANENT FUND n d d i = = o h TO BE INVESTED IN LOANS FOR LOCAL GOVERNMENTS THAT EXPERIENCE A l ] b ,d i a º e DECLINE IN REVENUE DUE TO THE CORONAVIRUS DISEASE 2019 r i = r t e w d m a n o PANDEMIC;
REQUIRING A CERTAIN AMOUNT OF THE SEVERANCE TAX PERMANENT FUND TO BE INVESTED IN LOANS FOR LOCAL GOVERNMENTS THAT EXPERIENCE A DECLINE IN REVENUE DUE TO THE CORONAVIRUS DISEASE 2019 PANDEMIC;
ALLOWING FOR AN INCREASE IN THE INVESTMENT OF THE d m :
ALLOWING FOR AN INCREASE IN THE INVESTMENT OF THE SEVERANCE TAX PERMANENT FUND IN NEW MEXICO PRIVATE EQUITY FUNDS OR NEW MEXICO BUSINESSES;
b e d s º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e e a n e d r e l u [ A d SEVERANCE TAX PERMANENT FUND IN NEW MEXICO PRIVATE EQUITY FUNDS OR NEW MEXICO BUSINESSES;
Sfl3º OMITTING DATA FROM MARCH 1, 2020 THROUGH JUNE 30, 2021 FROM THE CALCULATIONS OF EMPLOYER CONTRIBUTIONS TO THE UNEMPLOYMENT COMPENSATION FUND, EXCESS CLAIMS PREMIUMS AND EXCESS CLAIMS RATES;
OMITTING DATA FROM MARCH 1, 2020 THROUGH JUNE 30, 2021 FROM THE CALCULATIONS OF EMPLOYER CONTRIBUTIONS TO THE UNEMPLOYMENT COMPENSATION FUND, EXCESS CLAIMS PREMIUMS AND EXCESS CLAIMS RATES;
USING THE 2019 COMPUTATION DATE RESERVE FACTOR FROM JANUARY 1, 2020 THROUGH JUNE 30, 2021;»Sfl3 REPEALING LAWS 2020, CHAPTER 75, SECTION 1 TO MAKE CONFORMING TECHNICAL CHANGES;
USING THE 2019 COMPUTATION DATE RESERVE FACTOR FROM JANUARY 1, 2020 THROUGH JUNE 30, 2021;
REPEALING LAWS 2020, CHAPTER 75, SECTION 1 TO MAKE CONFORMING TECHNICAL CHANGES;
[NEW MATERIAL ] SHORT TITLE.--Sections 1 through 7 of this act may be cited as the "Small Business Recovery Act of 2020".
SHORT TITLE.--Sections 1 through 7 of this act may be cited as the "Small Business Recovery Act of SB 3 Page 1 2020".
[NEW MATERIAL] DEFINITIONS.--As used in the Small Business Recovery Act of 2020:
DEFINITIONS.--As used in the Small Business Recovery Act of 2020:
h u A.
A.
"authority" means the New Mexico finance » r t h authority;
"authority" means the New Mexico finance authority;
g e l i B.
B.
"average adjusted monthly business expenses" h r i s h , means an amount equal to the quotient of:
"average adjusted monthly business expenses" means an amount equal to the quotient of:
e h t u g (1) a business's total expenses for taxable e b l e e , gh year 2019, excluding expenses deducted pursuant to Section 179 n d d i = = o h l ] b ,d of the United States Internal Revenue Code of 1986, as that i a º r e r = section may be amended or renumbered, and expenses for t e w d m a n o d m :
(1) a business's total expenses for taxable year 2019, excluding expenses deducted pursuant to Section 179 of the United States Internal Revenue Code of 1986, as that section may be amended or renumbered, and expenses for depreciation and bonus depreciation deducted pursuant to the United States Internal Revenue Code of 1986, as determined from the business's federal income tax return for taxable year 2019, less the amount of any loan obtained by the business pursuant to Section 1102 of the federal Coronavirus Aid, Relief, and Economic Security Act;
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e -2- e a n e d r e l u [ A d depreciation and bonus depreciation deducted pursuant to the United States Internal Revenue Code of 1986, as determined from the business's federal income tax return for taxable year 2019, less the amount of any loan obtained by the business pursuant to Section 1102 of the federal Coronavirus Aid, Relief, and Economic Security Act;
"loan servicer" means a federally insured depository institution or community development financial institution that assembles and submits the small business recovery loan documents to the authority;
"loan servicer" means a federally insured depository institution or community development financial SB 3 Page 2 institution that assembles and submits the small business recovery loan documents to the authority;
"New Mexico resident" means an individual who is h domiciled in this state during any part of the year or an u » r individual who is physically present in this state for one t h g e l i hundred eighty-five days or more during the taxable year;
"New Mexico resident" means an individual who is domiciled in this state during any part of the year or an individual who is physically present in this state for one hundred eighty-five days or more during the taxable year;
h r i s F.
F.
"ordinary and necessary business expenses" means h , e h all expenses, including expenses and capital expenses incurred t u g e b l e e , gh to operate the business in compliance with a public health n d d i = = o h order;
"ordinary and necessary business expenses" means all expenses, including expenses and capital expenses incurred to operate the business in compliance with a public health order;
l ] b ,d i a º r G.
G.
"qualifying small business" means a business or e r = t e w d m a n o nonprofit corporation that:
"qualifying small business" means a business or nonprofit corporation that:
d m :
(1) has closed or reduced operations due to the public health order issued by the secretary of health on March 23, 2020;
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 3 - e a n e d r e l u [ A d (1) has closed or reduced operations due to the public health order issued by the secretary of health on March 23, 2020;
(2) had an annual gross revenue of less than five million dollars ($5,000,000) as determined from the business's federal income tax return for taxable year 2019;
(2) had an annual gross revenue of less than Sfl1º one million five hundred thousand dollars ($1,500,000)»Sfl1 Sfl1ºfive million dollars ($5,000,000)»Sfl1 as determined from the business's federal income tax return for taxable year 2019;
(a) for a business entity other than a nonprofit corporation, a decline in the business's monthly gross receipts by more than thirty percent from the business's monthly gross receipts for that month in 2019, as reported monthly by the business to the taxation and revenue department;
(a) for a business entity other than a nonprofit corporation, a decline in the business's monthly gross receipts by more than thirty percent from the business's monthly gross receipts for that month in 2019, as reported monthly by the business to the taxation and revenue SB 3 Page 3 department;
or h (b) for a business entity that is g o t hr organized and operated as a nonprofit corporation, a decline in g e i k the business's monthly revenue by more than thirty percent from h r i s the business's monthly revenue for that month in 2019, as h , t, determined through accounting information that is provided by e u g e b l e e h the business and certified to be accurate and information n d d i = = o h reported by the business to the federal internal revenue l ] b ,d i a º e service for the previous year;
or (b) for a business entity that is organized and operated as a nonprofit corporation, a decline in the business's monthly revenue by more than thirty percent from the business's monthly revenue for that month in 2019, as determined through accounting information that is provided by the business and certified to be accurate and information reported by the business to the federal internal revenue service for the previous year;
Sfl1º and»Sfl1 r i = r t e w d m a n o Sfl1º(4) is classified as retail trade, d m :
and (4) is organized and operated as a nonprofit corporation or is owned as follows:
b e d s º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 4 - e a n e d r e l u [ A d accommodation and food services, construction, administrative and support services, health care and social assistance or child daycare services by the most recent edition of the United States census bureau's North American industry classification system, is a small independent movie theater or is a tribal entity;
and»Sfl1 Sfl1º(5)»Sfl1 Sfl1º(4)»Sfl1 is organized and operated as a nonprofit corporation or is owned as follows:
and (b) for a corporation, partnership, joint venture, limited liability company, limited partnership or other business entity, at least eighty percent of the total voting power of the entity and at least eighty percent of the total value of the equity is owned by one or more New Mexico h residents;
and (b) for a corporation, partnership, joint venture, limited liability company, limited partnership or other business entity, at least eighty percent of the total voting power of the entity and at least eighty percent of the total value of the equity is owned by one or more New Mexico residents;
and u » r H.
and H.
"service provider" means a nonprofit or t h g e l i governmental organization that provides interactive, technical h r i s assistance to small businesses, including:
"service provider" means a nonprofit or governmental organization that provides interactive, technical assistance to small businesses, including:
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h , e h (1) developing sustainable business practices;
(1) developing sustainable business practices;
t u g e b l e e , gh (2) training in marketing, administration and n d d i = = o h financial management;
SB 3 Page 4 (2) training in marketing, administration and financial management;
and l ] b ,d i a º r (3) complying with legal requirements, e r = t e w d m a n o licensing requirements and tax liabilities S/corrº ;
and (3) complying with legal requirements, licensing requirements and tax liabilities;
and»S/corr d m :
and I.
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 5 - e a n e d r e l u [ A d Sfl2ºI.
"nonprofit corporation" means an entity organized pursuant to Section 501 (c)(3) or 501 (c)(6) of the Internal Revenue Service Code.
"non profit corporation" means an entity organized pursuant to section 501 S/corrº(c)»S/corr(3) or 501 S/corrº(c)»S/corr(6) of the Internal Revenue Service Code.»Sfl2 SECTION 3.
SECTION 3.
[NEW MATERIAL] SMALL BUSINESS RECOVERY LOAN FUND--CREATED Sfl1º--FUNDING SCHEDULE»Sfl1.-- Sfl1ºA.»Sfl1 The "small business recovery loan fund" is created in the authority.
SMALL BUSINESS RECOVERY LOAN FUND--CREATED-- FUNDING SCHEDULE.-- A.
The "small business recovery loan fund" is created in the authority.
The authority may expend no more than one percent of the balance of the fund for administering the Small Business h Recovery Act of 2020.
The authority may expend no more than one percent of the balance of the fund for administering the Small Business Recovery Act of 2020.
g o t hr Sfl1º B.
B.
Upon the effective date of this 2020 act, g e i k the authority and the state investment council shall coordinate h r i s to develop a funding schedule to ensure that sufficient h , t, e u g funding, as provided for in Section 10 of this 2020 act, is e b l e e h made available to the authority to carry out the provisions of n d d i = = o h the Small Business Recovery Act of 2020.»Sfl1 l ] b ,d i a º e r i = r SECTION 4.
Upon the effective date of this 2020 act, the authority and the state investment council shall coordinate to develop a funding schedule to ensure that sufficient funding, as provided for in Section 10 of this 2020 act, is made available to the authority to carry out the provisions SB 3 Page 5 of the Small Business Recovery Act of 2020.
[NEW MATERIAL] LOANS--TERMS.-- t e w d m a n o A.
SECTION 4.
The authority shall receive and review d m :
LOANS--TERMS.-- A.
b e d s º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 6 - e a n e d r e l u [ A d applications for small business recovery loans pursuant to the Small Business Recovery Act of 2020.
The authority shall receive and review applications for small business recovery loans pursuant to the Small Business Recovery Act of 2020.
provided that funds are available Sfl1ºand the qualifying small business meets the requisite creditworthiness, as determined by the authority»Sfl1.
provided that funds are available and the qualifying small business meets the requisite creditworthiness, as determined by the authority.
h Sfl1º B.
B.
The authority shall evaluate the u » r creditworthiness of an applicant based on information received t h g e l i from the applicant, which may include an independent credit h r i s reporting agency report when available.»Sfl1 h , e h Sfl1ºB»Sfl1 Sfl1ºC»Sfl1.
The authority shall evaluate the creditworthiness of an applicant based on information received from the applicant, which may include an independent credit reporting agency report when available.
The authority may use t u g e b l e e , gh funding made available for the Small Business Recovery Act of n d d i = = o h 2020 to contract with a loan servicer to assist in carrying out l ] b ,d i a º r the provisions of the Small Business Recovery Act of 2020, e r = t e w d m a n o including determining:
C.
d m :
The authority may use funding made available SB 3 Page 6 for the Small Business Recovery Act of 2020 to contract with a loan servicer to assist in carrying out the provisions of the Small Business Recovery Act of 2020, including determining:
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 7 - e a n e d r e l u [ A d (1) whether an entity meets the requirements to be considered a qualifying small business;
(1) whether an entity meets the requirements to be considered a qualifying small business;
Sfl1º C»Sfl1 Sfl1ºD»Sfl1.
D.
h (2) the terms of the loan shall require that g o t hr the loan recipient:
(2) the terms of the loan shall require that the loan recipient:
g e i k (a) use a minimum of eighty percent of h r i s the proceeds of the loan for ordinary and necessary business h , t, expenses, including capital expenses, other than compensation e u g e b l e e h for employees who own equity in the business;
(a) use a minimum of eighty percent of the proceeds of the loan for ordinary and necessary business expenses, including capital expenses, other than compensation for employees who own equity in the business;
n d d i = = o h (b) provide a written certification l ] b ,d i a º e signed by an appropriate officer of the qualifying small r i = r t e w d m a n o business that certifies that:
SB 3 Page 7 (b) provide a written certification signed by an appropriate officer of the qualifying small business that certifies that:
1) the officer understands that d m :
1) the officer understands that the business is receiving a loan under the Small Business Recovery Act of 2020 that must be repaid by the business with interest under the terms of the loan agreement;
b e d s º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 8 - e a n e d r e l u [ A d the business is receiving a loan under the Small Business Recovery Act of 2020 that must be repaid by the business with interest under the terms of the loan agreement;
and 5) all loan proceeds will be used for purposes as provided in the Small h Business Recovery Act of 2020, including that no more than u » r twenty percent of the proceeds may be used as compensation for t h g e l i employees who own equity in the business;
and 5) all loan proceeds will be used for purposes as provided in the Small Business Recovery Act of 2020, including that no more than twenty percent of the proceeds may be used as compensation for employees who own equity in the business;
and h r i s (c) provide the authority with ongoing h , e h information relevant to the reporting requirements of the t u g e b l e e , gh authority provided in Section 7 of the Small Business Recovery n d d i = = o h Act of 2020;
and (c) provide the authority with ongoing information relevant to the reporting requirements of the SB 3 Page 8 authority provided in Section 7 of the Small Business Recovery Act of 2020;
l ] b ,d i a º r (3) the terms of the loan shall not require e r = t e w d m a n o that the qualifying small business provide a personal guarantee d m :
(3) the terms of the loan shall not require that the qualifying small business provide a personal guarantee or collateral to secure the loan;
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 9 - e a n e d r e l u [ A d or collateral to secure the loan;
Sfl1º D.
E.
provided that the power is consistent with the provisions of this act.»Sfl1 SECTION 5.
provided that the power is consistent with the provisions of this act.
[NEW MATERIAL] REPAYMENT.-- A.
SECTION 5.
REPAYMENT.-- A.
Payment of the interest accrued on a small business recovery loan shall be due in annual installments, with the first interest payment due on the first anniversary of the funding date of the loan, and with each subsequent interest h payment due on each subsequent anniversary of the funding date g o t hr of the loan thereafter until the loan is paid in full.
Payment of the interest accrued on a small business recovery loan shall be due in annual installments, with the first interest payment due on the first anniversary of the funding date of the loan, and with each subsequent interest payment due on each subsequent anniversary of the funding date of the loan thereafter until the loan is paid in full.
Payment g e i k on the outstanding principal of a small business recovery loan h r i s may be made on the third anniversary of the funding date of the h , t, e u g loan, or the outstanding principal and interest on the loan may e b l e e h be converted to a loan, at the request of the borrower and with n d d i = = o h the consent of the authority, to be paid in monthly l ] b ,d i a º e installments over a period of three additional years.
Payment on the outstanding principal of a small business recovery loan may be made on the third anniversary of the funding date of the loan, or the outstanding principal SB 3 Page 9 and interest on the loan may be converted to a loan, at the request of the borrower and with the consent of the authority, to be paid in monthly installments over a period of three additional years.
r i = r t e w d m a n o C.
C.
Receipts from the repayment of Sfl1º principal or d m :
Receipts from the repayment of principal or interest accrued on the loans made pursuant to the Small Business Recovery Act of 2020 shall be deposited in the severance tax permanent fund.
b e d s º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 10 - e a n e d r e l u [ A d interest accrued on the»Sfl1 loans made pursuant to the Small Business Recovery Act of 2020 shall be deposited in the severance tax permanent fund.
A qualified small business with an annual gross revenue of five hundred thousand dollars ($500,000) or less that applies for and receives a small business recovery loan and that is receiving technical assistance from a service provider is eligible to receive additional funding in the amount of one-half percent of the loan amount to pay the service provider for continued technical assistance during the h term of the loan or until the service provider certifies to the u » r authority that the qualified small business no longer needs the t h g e l i assistance of the service provider;
A qualified small business with an annual gross revenue of five hundred thousand dollars ($500,000) or less that applies for and receives a small business recovery loan and that is receiving technical assistance from a service provider is eligible to receive additional funding in the amount of one-half percent of the loan amount to pay the service provider for continued technical assistance during the term of the loan or until the service provider certifies to the authority that the qualified small business no longer needs the assistance of the service provider;
h r i s (1) additional amount shall not be included in h , e h the small business recovery loan and shall not require t u g e b l e e , gh repayment;
SB 3 Page 10 (1) additional amount shall not be included in the small business recovery loan and shall not require repayment;
n d d i = = o h (2) additional amount shall be provided to the l ] b ,d i a º r service provider;
(2) additional amount shall be provided to the service provider;
and e r = t e w d m a n o (3) authority shall use funding made available d m :
and (3) authority shall use funding made available for the Small Business Recovery Act of 2020 to provide the service provider with the additional amount.
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 11 - e a n e d r e l u [ A d for the Small Business Recovery Act of 2020 to provide the service provider with the additional amount.
[NEW MATERIAL ] REPORTS--CONFIDENTIALITY.-- A.
REPORTS--CONFIDENTIALITY.-- A.
h (1) the total number of loans made pursuant to g o t hr that act;
(1) the total number of loans made pursuant to that act;
g e i k (2) the total number of loan applications;
SB 3 Page 11 (2) the total number of loan applications;
h r i s (3) the average amount of money provided to h , t, loan applicants;
(3) the average amount of money provided to loan applicants;
e u g e b l e e h (4) the total number of loans and the amount n d d i = = o h of those loans, if any, in a delinquent status or default;
(4) the total number of loans and the amount of those loans, if any, in a delinquent status or default;
l ] b ,d i a º e (5) the total number of loan recipients that r i = r t e w d m a n o are in the process of filing or have filed for bankruptcy;
(5) the total number of loan recipients that are in the process of filing or have filed for bankruptcy;
d m :
(6) the total number of employees currently employed by a business that received a loan;
b e d s º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 12 - e a n e d r e l u [ A d (6) the total number of employees currently employed by a business that received a loan;
provided that nothing in this section shall prevent the authority from disclosing broad demographic information and information relating to the total amount of loans made Sfl1º and»Sfl1 Sfl1º,»Sfl1 the total outstanding balance of loans made pursuant to the Small Business Recovery Act of 2020 Sfl1ºand the names of the loan recipients»Sfl1.
provided that nothing in this section shall prevent the authority from disclosing broad demographic information and information relating to the total amount of loans made, the total outstanding balance of loans made pursuant to the Small Business Recovery Act of 2020 and the names of the loan recipients.
"[NEW MATERIAL ] LOCAL GOVERNMENT EMERGENCY ECONOMIC h RELIEF.-- u » r A.
"LOCAL GOVERNMENT EMERGENCY ECONOMIC RELIEF.-- A.
Within thirty days of the effective date of this t h g e l i 2020 act, the state investment officer shall make a commitment h r i s to the authority to invest one percent of the average of the h , e h year-end market values of the severance tax permanent fund for t u g e b l e e , gh the immediately preceding five calendar years for the purpose n d d i = = o h of making loans to local governments pursuant to this section;
Within thirty days of the effective date of this 2020 act, the state investment officer shall make a SB 3 Page 12 commitment to the authority to invest one percent of the average of the year-end market values of the severance tax permanent fund for the immediately preceding five calendar years for the purpose of making loans to local governments pursuant to this section;
l ] b ,d i a º r provided that investments made pursuant to this section are in e r = t e w d m a n o compliance with the prudent investor rule set forth in the d m :
provided that investments made pursuant to this section are in compliance with the prudent investor rule set forth in the Uniform Prudent Investor Act.
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 13 - e a n e d r e l u [ A d Uniform Prudent Investor Act.
The authority may expend no more than one percent of the funding made available to it pursuant to this section for administering the provisions of this section.
Sfl1ºThe authority may expend no more than one percent of the funding made available to it pursuant to this section for administering the provisions of this section.»Sfl1 B.
B.
The authority shall receive and review applications for loans from the amount committed pursuant to Subsection A of this section to a local government that can demonstrate that the local government experienced at least a ten percent decline Sfl1º in fiscal year 2020 operating revenue »Sfl1 Sfl1ºin local option gross receipts tax revenue for the last quarter of fiscal year 2020»Sfl1 due to the economic impacts of the coronavirus disease 2019 pandemic.
The authority shall receive and review applications for loans from the amount committed pursuant to Subsection A of this section to a local government that can demonstrate that the local government experienced at least a ten percent decline in local option gross receipts tax revenue for the last quarter of fiscal year 2020 due to the economic impacts of the coronavirus disease 2019 pandemic.
The authority shall make loans from the amount committed pursuant to Subsection A of this section in h accordance with the following:
The authority shall make loans from the amount committed pursuant to Subsection A of this section in accordance with the following:
g o t hr (1) an application for a loan shall be g e i k received by the authority no later than Sfl1º September 30 h r i s »Sfl1 Sfl1ºDecember 31»Sfl1, 2020;
(1) an application for a loan shall be received by the authority no later than December 31, 2020;
h , t, e u g Sfl1º(2) a loan amount shall be in an amount e b l e e h equal to fifty percent of the local government's projected n d d i = = o h budget shortfall for fiscal year 2020, as determined by the l ] b ,d i a º e r i = r local government division of the department of finance and t e w d m a n o administration, unless the local government requests a lesser d m :
(2) the authority shall determine the proper SB 3 Page 13 amount for a loan in consultation with the local government division of the department of finance and administration and the local government;
b e d s º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 14 - e a n e d r e l u [ A d amount;
and»Sfl1 Sfl1º(2) the authority shall determine the proper amount for a loan in consultation with the local government division of the department of finance and administration and the local government;
and»Sfl (3) terms of the loan shall include that:
and (3) terms of the loan shall include that:
h g (b) a local government shall dedicate o t hr future local option gross receipts tax revenue to secure the g e i k loan Sfl1º at a lien level as determined by the authority»Sfl1;
(b) a local government shall dedicate future local option gross receipts tax revenue to secure the loan at a lien level as determined by the authority;
h r i s h (c) a loan shall bear an annual interest , t, e u g rate equal to two percent;
(c) a loan shall bear an annual interest rate equal to two percent;
e b l e e h (d) a loan shall be structured as an n d d i = = o h interest-only loan for a period of three years, at which time l ] b ,d i a º e r i = r the local government shall begin making monthly payments on the t e w d m a n o principal and interest of any balance of the loan;
(d) a loan shall be structured as an interest-only loan for a period of three years, at which time the local government shall begin making monthly payments on the principal and interest of any balance of the loan;
d m :
(e) interest on a loan shall not compound until twelve months following the date the loan SB 3 Page 14 proceeds are made available to the local government;
b e d s º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 15 - e a n e d r e l u [ A d (e) interest on a loan shall not compound until twelve months following the date the loan proceeds are made available to the local government;
On or before October 1 of a year that a loan made pursuant to this section is outstanding, the authority shall audit the loan program and submit a report of the findings to the New Mexico finance authority oversight committee, the legislative finance committee and the office of h the governor.
On or before October 1 of a year that a loan made pursuant to this section is outstanding, the authority shall audit the loan program and submit a report of the findings to the New Mexico finance authority oversight committee, the legislative finance committee and the office of the governor.
The report shall provide details regarding the g o t hr loans made pursuant to this section, including:
The report shall provide details regarding the loans made pursuant to this section, including:
g e i k (1) the name of each local government that h r i s received a loan, the loan amount, the balance owed and if the h , t, loan is in a delinquent status or default;
(1) the name of each local government that received a loan, the loan amount, the balance owed and if the loan is in a delinquent status or default;
and e u g e b l e e h (2) the number of jobs saved that can be n d d i = = o h attributed to receiving the loan, with evidence of how the loan l ] b ,d i a º e saved each job.
and (2) the number of jobs saved that can be attributed to receiving the loan, with evidence of how the loan saved each job.
r i = r t e w d m a n o Sfl1º G.
G.
The authority may exercise any power d m :
The authority may exercise any power provided to the authority in the New Mexico Finance Authority Act to assist in the administration of section;
b e d s º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 16 - e a n e d r e l u [ A d provided to the authority in the New Mexico Finance Authority Act to assist in the administration of section;
provided that the SB 3 Page 15 power is consistent with the provisions of this section.
provided that the power is consistent with the provisions of this section.»Sfl1 Sfl1ºG»Sfl1 Sfl1ºH»Sfl1.
H.
and (b) for a county, revenue transferred to h the county pursuant to Section 7-1-6.13 NMSA 1978." g o t hr SECTION 9.
and (b) for a county, revenue transferred to the county pursuant to Section 7-1-6.13 NMSA 1978." SECTION 9.
Section 7-27-5 NMSA 1978 (being Laws 1983, g e i k Chapter 306, Section 7, as amended) is amended to read:
Section 7-27-5 NMSA 1978 (being Laws 1983, Chapter 306, Section 7, as amended) is amended to read:
h r i s "7-27-5.
"7-27-5.
INVESTMENT OF SEVERANCE TAX PERMANENT FUND.-- h , t, e u g A.
INVESTMENT OF SEVERANCE TAX PERMANENT FUND.-- A.
The severance tax permanent fund shall be e b l e e h invested in separate differential rate and market rate n d d i = = o h investment classes.
The severance tax permanent fund shall be invested in separate differential rate and market rate investment classes.
"Differential rate investments" are l ] b ,d i a º e r i = r permitted in Sections 7-27-5.3 through 7-27-5.5, 7-27-5.13 t e w d m a n o through 7-27-5.17, 7-27-5.22, [and ] 7-27-5.24 [through] and d m :
"Differential rate investments" are permitted in Sections 7-27-5.3 through 7-27-5.5, 7-27-5.13 through 7-27-5.17, 7-27-5.22, 7-27-5.24 and 7-27-5.26 NMSA 1978 and are intended to stimulate the economy of New Mexico and to provide income to the severance tax permanent fund.
b e d s º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 17 - e a n e d r e l u [ A d 7-27-5.26 NMSA 1978 and are intended to stimulate the economy of New Mexico and to provide income to the severance tax permanent fund.
"Market rate investments" are investments that are not SB 3 Page 16 differential rate investments and are intended to provide income to the severance tax permanent fund.
"Market rate investments" are investments that are not differential rate investments and are intended to provide income to the severance tax permanent fund.
In addition to the investment classes described in Subsection A of this section, the severance tax permanent fund shall be invested in loans to provide emergency economic relief to local governments as provided by Section 8 of this act." SECTION 10.
In addition to the investment classes described in Subsection A of this section, the severance tax permanent fund shall be invested in loans to provide emergency economic relief to local governments as provided by Section 8 of this 2020 act." SECTION 10.
h "7-27-5.15.
"7-27-5.15.
NEW MEXICO PRIVATE EQUITY FUNDS AND NEW u » r MEXICO BUSINESS INVESTMENTS.-- t h g e l i A.
NEW MEXICO PRIVATE EQUITY FUNDS AND NEW MEXICO BUSINESS INVESTMENTS.-- A.
In addition to the investments required by h r i s Subsections F and G of this section, no more than [nine] eleven h , e h percent of the market value of the severance tax permanent fund t u g e b l e e , gh may be invested in New Mexico private equity funds or New n d d i = = o h Mexico businesses under this section.
In addition to the investments required by Subsections F and G of this section, no more than eleven percent of the market value of the severance tax permanent fund may be invested in New Mexico private equity funds or New Mexico businesses under this section.
l ] b ,d i a º r B.
B.
In making investments pursuant to Subsection A e r = t e w d m a n o of this section, the council shall make investments in New d m :
In making investments pursuant to Subsection A of this section, the council shall make investments in New Mexico private equity funds or New Mexico businesses whose investments or enterprises enhance the economic development objectives of the state.
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 18 - e a n e d r e l u [ A d Mexico private equity funds or New Mexico businesses whose investments or enterprises enhance the economic development objectives of the state.
SB 3 Page 17 C.
C.
and (2) "New Mexico private equity fund" means an entity that makes, manages or sources potential investments in h New Mexico businesses and that:
and (2) "New Mexico private equity fund" means an entity that makes, manages or sources potential investments in New Mexico businesses and that:
u » r (a) has as its primary business activity t h g e l i the investment of funds in return for equity in or debt of h r i s businesses for the purpose of providing capital for start-up, h , e h expansion, product or market development, recapitalization or t u g e b l e e , gh similar business purposes;
(a) has as its primary business activity the investment of funds in return for equity in or debt of businesses for the purpose of providing capital for start-up, expansion, product or market development, recapitalization or similar business purposes;
n d d i = = o h (b) holds out the prospects for capital l ] b ,d i a º r appreciation from such investments;
(b) holds out the prospects for capital appreciation from such investments;
e r = t e w d m a n o (c) has at least one full-time manager d m :
(c) has at least one full-time manager with at least three years of professional experience in assessing the growth prospects of businesses or evaluating business plans;
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 19 - e a n e d r e l u [ A d with at least three years of professional experience in assessing the growth prospects of businesses or evaluating business plans;
SB 3 Page 18 (d) is committed to investing or helps secure investing by others, in an amount at least equal to the total investment made by the state investment officer in that fund pursuant to this section, in businesses with a principal place of business in New Mexico and that hold promise for attracting additional capital from individual or institutional investors nationwide for businesses in New Mexico;
(d) is committed to investing or helps secure investing by others, in an amount at least equal to the total investment made by the state investment officer in that fund pursuant to this section, in businesses with a principal place of business in New Mexico and that hold promise for attracting additional capital from individual or institutional investors nationwide for businesses in New Mexico;
and (e) accepts investments only from accredited investors as that term is defined in Section 2 of the federal Securities Act of 1933, as amended (15 USCA Section 77(b)), and rules and regulations promulgated pursuant to that section, or federally recognized Indian tribes, nations and pueblos with at least five million dollars ($5,000,000) in overall investment assets.
and (e) accepts investments only from accredited investors as that term is defined in Section 2 of the federal Securities Act of 1933, as amended (15 USCA Section 77(b)), and rules and regulations promulgated pursuant to that section, or federally recognized Indian tribes, nations and pueblos with at least five million dollars ($5,000,000) in h overall investment assets.
E.
u » r E.
The state investment officer is authorized to make investments in New Mexico businesses to create new job opportunities and to support new, emerging or expanding businesses in a manner consistent with the constitution of New Mexico if:
The state investment officer is authorized to t h g e l i make investments in New Mexico businesses to create new job h r i s opportunities and to support new, emerging or expanding h , e h businesses in a manner consistent with the constitution of New t u g e b l e e , gh Mexico if:
(1) the investments are made:
n d d i = = o h (1) the investments are made:
(a) in conjunction with cooperative investment agreements with parties that have demonstrated abilities and relationships in making investments in new, emerging or expanding businesses;
l ] b ,d i a º r (a) in conjunction with cooperative e r = t e w d m a n o investment agreements with parties that have demonstrated d m :
SB 3 Page 19 (b) in a New Mexico aerospace business that has received an award from the United States government or one of its agencies or instrumentalities:
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 20 - e a n e d r e l u [ A d abilities and relationships in making investments in new, emerging or expanding businesses;
(b) in a New Mexico aerospace business that has received an award from the United States government or one of its agencies or instrumentalities:
1) is established to perform technology transfer, research and development, research commercialization, manufacturing, training, marketing or public relations in any field of science or technology, including but not limited to energy, security, defense, aerospace, automotives, electronics, telecommunications, computer and information science, h environmental science, biomedical science, life science, u » r physical science, materials science or nanoscience, using t h g e l i research developed in whole or in part by a state institution h r i s of higher education or a prime contractor designated as a h , e h national laboratory by an act of congress that is operating a t u g e b l e e , gh facility in the state, or an affiliated entity;
1) is established to perform technology transfer, research and development, research commercialization, manufacturing, training, marketing or public relations in any field of science or technology, including but not limited to energy, security, defense, aerospace, automotives, electronics, telecommunications, computer and information science, environmental science, biomedical science, life science, physical science, materials science or nanoscience, using research developed in whole or in part by a state institution of higher education or a prime contractor designated as a national laboratory by an act of congress that is operating a facility in the state, or an affiliated entity;
and 2) has an n d d i = = o h agreement to operate the business on state lands;
and 2) has an agreement to operate the business on state lands;
l ] b ,d i a º r (2) an investment in any one business does not e r = t e w d m a n o exceed ten percent of the amount available for investment d m :
(2) an investment in any one business does not exceed ten percent of the amount available for investment pursuant to this section;
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 21 - e a n e d r e l u [ A d pursuant to this section;
and (3) the investments represent no more than SB 3 Page 20 fifty-one percent of the total investment capital in a business;
and (3) the investments represent no more than fifty-one percent of the total investment capital in a business;
In addition to the investments required by Subsections A and G of this section, the state investment h officer shall make a commitment to the small business u » r investment corporation pursuant to the Small Business t h g e l i Investment Act to invest two percent of the market value of the h r i s severance tax permanent fund to create new job opportunities by h , e h providing capital for land, buildings or infrastructure for t u g e b l e e , gh facilities to support new or expanding businesses and to n d d i = = o h otherwise make investments to create new job opportunities to l ] b ,d i a º r support new or expanding businesses in a manner consistent with e r = t e w d m a n o the constitution of New Mexico.
In addition to the investments required by Subsections A and G of this section, the state investment officer shall make a commitment to the small business investment corporation pursuant to the Small Business Investment Act to invest two percent of the market value of the severance tax permanent fund to create new job opportunities by providing capital for land, buildings or infrastructure for facilities to support new or expanding businesses and to otherwise make investments to create new job opportunities to support new or expanding businesses in a manner consistent with the constitution of New Mexico.
On July 1 of each year, the d m :
On July 1 of each year, the state investment officer shall determine whether the invested capital in the small business SB 3 Page 21 investment corporation is less than two percent of the market value of the severance tax permanent fund.
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 22 - e a n e d r e l u [ A d state investment officer shall determine whether the invested capital in the small business investment corporation is less than two percent of the market value of the severance tax permanent fund.
(1) investments made pursuant to and in h compliance with the Small Business Recovery Act of 2020 shall u » r be deemed to be in compliance with the prudent investor rule t h g e l i set forth in the Uniform Prudent Investor Act;
(1) investments made pursuant to and in compliance with the Small Business Recovery Act of 2020 shall be deemed to be in compliance with the prudent investor rule set forth in the Uniform Prudent Investor Act;
and h r i s (2) the New Mexico finance authority shall not h , e h be held liable for investments made pursuant to this subsection t u g e b l e e , gh that do not provide a return on investment that is comparable n d d i = = o h to other differential rate investments made pursuant to the l ] b ,d i a º r Severance Tax Bonding Act.
and (2) the New Mexico finance authority shall not be held liable for investments made pursuant to this subsection that do not provide a return on investment that is comparable to other differential rate investments made pursuant to the Severance Tax Bonding Act.
e r = t e w d m a n o [G.] H.
H.
The state investment officer shall report d m :
The state investment officer shall report semiannually on the investments made pursuant to this SB 3 Page 22 section.
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 23 - e a n e d r e l u [ A d semiannually on the investments made pursuant to this section.
Each report also shall provide the amounts invested in each New Mexico business." Sfl3º SECTION 11.
Each report also shall provide the amounts invested in each New Mexico business." SECTION 11.
h "51-1-11.
"51-1-11.
EMPLOYER CONTRIBUTION RATES--BENEFITS u » r CHARGEABLE--UNEMPLOYMENT COMPENSATION FUND ADEQUATE RESERVE-- t h g e l i RESERVE FACTOR--EXCESS CLAIMS PREMIUM--DEFINITIONS.-- h r i s A.
EMPLOYER CONTRIBUTION RATES--BENEFITS CHARGEABLE--UNEMPLOYMENT COMPENSATION FUND ADEQUATE RESERVE-- RESERVE FACTOR--EXCESS CLAIMS PREMIUM--DEFINITIONS.-- A.
Benefits paid to an individual shall be charged h , e h to the individual's base-period employers on a pro rata basis t u g e b l e e , gh according to the proportion of the individual's total base- n d d i = = o h period wages received from each employer, except that no l ] b ,d i a º r benefits paid to a claimant as extended benefits under the e r = t e w d m a n o provisions of Section 51-1-48 NMSA 1978 shall be charged to any d m :
Benefits paid to an individual shall be charged to the individual's base-period employers on a pro rata basis according to the proportion of the individual's total base- period wages received from each employer, except that no benefits paid to a claimant as extended benefits under the provisions of Section 51-1-48 NMSA 1978 shall be charged to any base-period employer who is not on a reimbursable basis and who is not a governmental entity and, except as the SB 3 Page 23 secretary shall by rule prescribe otherwise, in the case of benefits paid to an individual who:
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 24 - e a n e d r e l u [ A d base-period employer who is not on a reimbursable basis and who is not a governmental entity and, except as the secretary shall by rule prescribe otherwise, in the case of benefits paid to an individual who:
or (4) received benefits based upon wages earned h from a base-period employer who is not on a reimbursable basis u » r t h while attending approved training under the provisions of g e l i Subsection E of Section 51-1-5 NMSA 1978.
or (4) received benefits based upon wages earned from a base-period employer who is not on a reimbursable basis while attending approved training under the provisions of Subsection E of Section 51-1-5 NMSA 1978.
h r i s B.
B.
The division shall not charge a contributing or h , e h t u g reimbursing base-period employer with any portion of benefit e b l e e , gh amounts that the division can bill to or recover from the n d d i = = o h l ] b ,d federal government as either regular or extended benefits.
The division shall not charge a contributing or reimbursing base-period employer with any portion of benefit amounts that the division can bill to or recover from the federal government as either regular or extended benefits.
i a º r e r = C.
C.
The division shall not charge a contributing t e w d m a n o d m :
The division shall not charge a contributing base-period employer with any portion of benefits paid to an individual for dependent allowance or because the individual SB 3 Page 24 to whom benefits are paid:
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 25 - e a n e d r e l u [ A d base-period employer with any portion of benefits paid to an individual for dependent allowance or because the individual to whom benefits are paid:
In the case of a transfer of an employing enterprise, notwithstanding any other provision of law, the h experience history of the transferred enterprise shall be u » r t h transferred from the predecessor employer to the successor g e l i under the following conditions and in accordance with the h r i s applicable rules of the secretary:
In the case of a transfer of an employing enterprise, notwithstanding any other provision of law, the experience history of the transferred enterprise shall be transferred from the predecessor employer to the successor under the following conditions and in accordance with the applicable rules of the secretary:
h , e h t u g (1) except as otherwise provided in this e b l e e , gh subsection, for the purpose of this subsection, two or more n d d i = = o h l ] b ,d employers who are parties to or the subject of any transaction i a º r e r = involving the transfer of an employing enterprise shall be t e w d m a n o d m :
(1) except as otherwise provided in this subsection, for the purpose of this subsection, two or more employers who are parties to or the subject of any transaction involving the transfer of an employing enterprise shall be deemed to be a single employer and the experience history of the employing enterprise shall be transferred to the successor employer if the successor employer has acquired SB 3 Page 25 by the transaction all of the business enterprises of the predecessor;
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 26 - e a n e d r e l u [ A d deemed to be a single employer and the experience history of the employing enterprise shall be transferred to the successor employer if the successor employer has acquired by the transaction all of the business enterprises of the predecessor;
If the successor employer fails to notify the division of the h acquisition within this time limit, the division, when it u » r t h receives actual notice, shall effect the transfer of the g e l i experience history and applicable rate of contribution h r i s retroactively to the date of the acquisition, and the successor h , e h t u g shall pay a penalty of fifty dollars ($50.00);
If the successor employer fails to notify the division of the acquisition within this time limit, the division, when it receives actual notice, shall effect the transfer of the experience history and applicable rate of contribution retroactively to the date of the acquisition, and the successor shall pay a penalty of fifty dollars ($50.00);
and e b l e e , gh (d) where the transaction involves only n d d i = = o h l ] b ,d a merger, consolidation or other form of reorganization without i a º r e r = a substantial change in the ownership and controlling interest t e w d m a n o d m :
and (d) where the transaction involves only a merger, consolidation or other form of reorganization without a substantial change in the ownership and controlling interest of the business entity, as determined by the secretary, the limitations on transfers stated in Subparagraphs (a), (b) and (c) of this paragraph shall not apply.
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 27 - e a n e d r e l u [ A d of the business entity, as determined by the secretary, the limitations on transfers stated in Subparagraphs (a), (b) and (c) of this paragraph shall not apply.
A party to a merger, consolidation or other form of SB 3 Page 26 reorganization described in this subparagraph shall not be relieved of liability for any contributions, interest or penalties due and owing from the employing enterprise at the time of the merger, consolidation or other form of reorganization;
A party to a merger, consolidation or other form of reorganization described in this subparagraph shall not be relieved of liability for any contributions, interest or penalties due and owing from the employing enterprise at the time of the merger, consolidation or other form of reorganization;
(2) the applicable experience history may be transferred to the successor in the case of a partial transfer of an employing enterprise if the successor has acquired one or more of the several employing enterprises of a predecessor but not all of the employing enterprises of the predecessor and each employing enterprise so acquired was operated by the predecessor as a separate store, factory, shop or other separate employing enterprise and the predecessor, throughout the entire period of the contribution with liability applicable to each enterprise transferred, has maintained and preserved payroll records that, together with records of contribution liability and benefit chargeability, can be separated by the parties from the enterprises retained by the predecessor to the satisfaction of the secretary or the secretary's delegate.
(2) the applicable experience history may be transferred to the successor in the case of a partial transfer of an employing enterprise if the successor has acquired one or more of the several employing enterprises of a predecessor but not all of the employing enterprises of the predecessor and each employing enterprise so acquired was operated by the predecessor as a separate store, factory, shop or other separate employing enterprise and the predecessor, throughout h the entire period of the contribution with liability applicable u » r t h to each enterprise transferred, has maintained and preserved g e l i payroll records that, together with records of contribution h r i s liability and benefit chargeability, can be separated by the h , e h t u g parties from the enterprises retained by the predecessor to the e b l e e , gh satisfaction of the secretary or the secretary's delegate.
A partial experience history transfer will be made only if the successor:
A n d d i = = o h l ] b ,d partial experience history transfer will be made only if the i a º r e r = successor:
(a) notifies the division of the acquisition, in writing, not later than the due date of the successor's first quarterly wage and contribution report after the effective date of the acquisition;
t e w d m a n o d m :
SB 3 Page 27 (b) files an application provided by the division that contains the endorsement of the predecessor within thirty days from the delivery or mailing of such application by the division to the successor's last known address;
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 28 - e a n e d r e l u [ A d (a) notifies the division of the acquisition, in writing, not later than the due date of the successor's first quarterly wage and contribution report after the effective date of the acquisition;
(b) files an application provided by the division that contains the endorsement of the predecessor within thirty days from the delivery or mailing of such application by the division to the successor's last known address;
The application and form shall be supported by the h predecessor's permanent employment records, which shall be u » r t h available for audit by the division.
The application and form shall be supported by the predecessor's permanent employment records, which shall be available for audit by the division.
The application and form g e l i shall be reviewed by the division and, upon approval, the h r i s percentage of the predecessor's experience history attributable h , e h t u g to the enterprises transferred shall be transferred to the e b l e e , gh successor.
The application and form shall be reviewed by the division and, upon approval, the percentage of the predecessor's experience history attributable to the enterprises transferred shall be transferred to the successor.
The percentage shall be obtained by dividing the n d d i = = o h l ] b ,d taxable payrolls of the transferred enterprises for such three i a º r e r = and one-half-year period preceding the date of computation or t e w d m a n o d m :
The percentage shall be obtained by dividing the taxable payrolls of the transferred enterprises for such three and one-half-year period preceding the date of computation or such lesser period as the enterprises transferred may have been in operation by the predecessor's entire payroll;
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 29 - e a n e d r e l u [ A d such lesser period as the enterprises transferred may have been in operation by the predecessor's entire payroll;
(3) if, at the time of a transfer of an employing enterprise in whole or in part, both the SB 3 Page 28 predecessor and the successor are under common ownership, then the experience history attributable to the transferred business shall also be transferred to and combined with the experience history attributable to the successor employer.
(3) if, at the time of a transfer of an employing enterprise in whole or in part, both the predecessor and the successor are under common ownership, then the experience history attributable to the transferred business shall also be transferred to and combined with the experience history attributable to the successor employer.
(4) whenever a person, who is not currently an employer, acquires the trade or business of an employing enterprise, the experience history of the acquired business shall not be transferred to the successor if the secretary or the secretary's designee finds that the successor acquired the business solely or primarily for the purpose of obtaining a h lower rate of contributions.
(4) whenever a person, who is not currently an employer, acquires the trade or business of an employing enterprise, the experience history of the acquired business shall not be transferred to the successor if the secretary or the secretary's designee finds that the successor acquired the business solely or primarily for the purpose of obtaining a lower rate of contributions.
Instead, the successor shall be u » r t h assigned the applicable new employer rate pursuant to this g e l i section.
Instead, the successor shall be assigned the applicable new employer rate pursuant to this section.
In determining whether the business was acquired h r i s solely or primarily for the purpose of obtaining a lower rate h , e h t u g of contribution, the secretary or the secretary's designee e b l e e , gh shall consider:
In determining whether the business was acquired solely or primarily for the purpose of obtaining a lower rate of contribution, the secretary or the secretary's designee shall consider:
n d d i = = o h l ] b ,d (a) the cost of acquiring the business;
(a) the cost of acquiring the business;
i a º r e r = (b) whether the person continued the t e w d m a n o d m :
(b) whether the person continued the business enterprise of the acquired business;
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 30 - e a n e d r e l u [ A d business enterprise of the acquired business;
and (d) whether a substantial number of new employees was hired for performance of duties unrelated to those that the business activity conducted prior to acquisition;
and (d) whether a substantial number of new employees was hired for performance of duties unrelated to SB 3 Page 29 those that the business activity conducted prior to acquisition;
(6) the secretary shall adopt such rules as are necessary to interpret and carry out the provisions of this h subsection, including rules that:
(6) the secretary shall adopt such rules as are necessary to interpret and carry out the provisions of this subsection, including rules that:
u » r t h (a) describe how experience history is g e l i to be transferred;
(a) describe how experience history is to be transferred;
and h r i s (b) establish procedures to identify the h , e h t u g type of transfer or acquisition of an employing enterprise;
and (b) establish procedures to identify the type of transfer or acquisition of an employing enterprise;
and e b l e e , gh (7) a person who knowingly violates or n d d i = = o h l ] b ,d attempts to violate a rule adopted pursuant to Paragraph (6) of i a º r e r = this subsection, who transfers or acquires, or attempts to t e w d m a n o d m :
and (7) a person who knowingly violates or attempts to violate a rule adopted pursuant to Paragraph (6) of this subsection, who transfers or acquires, or attempts to transfer or acquire, an employing enterprise for the sole or primary purpose of obtaining a reduced liability for contributions or who knowingly advises another person to violate a rule adopted pursuant to Paragraph (6) of this subsection or to transfer or acquire an employing enterprise SB 3 Page 30 for the sole or primary purpose of obtaining a reduced liability for contributions is guilty of a misdemeanor and shall be punished by a fine of not less than one thousand five hundred dollars ($1,500) or more than three thousand dollars ($3,000) or, if an individual, by imprisonment for a definite term not to exceed ninety days or both.
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 31 - e a n e d r e l u [ A d transfer or acquire, an employing enterprise for the sole or primary purpose of obtaining a reduced liability for contributions or who knowingly advises another person to violate a rule adopted pursuant to Paragraph (6) of this subsection or to transfer or acquire an employing enterprise for the sole or primary purpose of obtaining a reduced liability for contributions is guilty of a misdemeanor and shall be punished by a fine of not less than one thousand five hundred dollars ($1,500) or more than three thousand dollars ($3,000) or, if an individual, by imprisonment for a definite term not to exceed ninety days or both.
(a) if the person is an employer, the person shall be assigned the highest contribution rate established by the provisions of this section for the calendar h year in which the violation occurs and the three subsequent u » r t h calendar years;
(a) if the person is an employer, the person shall be assigned the highest contribution rate established by the provisions of this section for the calendar year in which the violation occurs and the three subsequent calendar years;
provided that, if the difference between the g e l i increased penalty rate and the rate otherwise applicable would h r i s be less than two percent of the employer's payroll, the h , e h t u g contribution rate shall be increased by two percent of the e b l e e , gh employer's payroll for the calendar year in which the violation n d d i = = o h l ] b ,d occurs and the three subsequent calendar years;
provided that, if the difference between the increased penalty rate and the rate otherwise applicable would be less than two percent of the employer's payroll, the contribution rate shall be increased by two percent of the employer's payroll for the calendar year in which the violation occurs and the three subsequent calendar years;
or i a º r e r = (b) if the person is not an employer, t e w d m a n o d m :
or (b) if the person is not an employer, the secretary may impose a civil penalty not to exceed three thousand dollars ($3,000).
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 32 - e a n e d r e l u [ A d the secretary may impose a civil penalty not to exceed three thousand dollars ($3,000).
Except as provided in Subsection Q of this section, for each calendar year, if, as of the computation date for that year, an employer has been a contributing employer throughout the preceding twenty-four months, the contribution rate for that employer shall be determined by multiplying the employer's benefit ratio by the reserve factor as determined pursuant to Subsection H of this section and, for each calendar year beginning in calendar year 2017, then multiplying that product by the employer's experience history factor as determined under Subsection I of this section;
Except as provided in Subsection Q of this section, for each calendar year, if, as of the computation date for that year, an employer has been a contributing SB 3 Page 31 employer throughout the preceding twenty-four months, the contribution rate for that employer shall be determined by multiplying the employer's benefit ratio by the reserve factor as determined pursuant to Subsection H of this section and, for each calendar year beginning in calendar year 2017, then multiplying that product by the employer's experience history factor as determined under Subsection I of this section;
provided that an employer's contribution rate shall not be less than thirty- three hundredths percent or more than five and four-tenths percent.
provided that an employer's contribution rate shall not be less than thirty-three hundredths percent or more than five and four-tenths percent.
An employer's benefit ratio is determined by dividing the employer's benefit charges during the immediately preceding h fiscal years, up to a maximum of three fiscal years, by the u » r t h total of the annual payrolls of the same time period, g e l i calculated to four decimal places, disregarding any remaining h r i s fraction.
An employer's benefit ratio is determined by dividing the employer's benefit charges during the immediately preceding fiscal years, up to a maximum of three fiscal years, by the total of the annual payrolls of the same time period, calculated to four decimal places, disregarding any remaining fraction.
h , e h t u g G.
G.
Except as provided in Subsection Q of this e b l e e , gh section, for each calendar year, if, as of the computation date n d d i = = o h l ] b ,d of that year, an employer has been a contributing employer for i a º r e r = less than twenty-four months, the contribution rate for that t e w d m a n o d m :
Except as provided in Subsection Q of this section, for each calendar year, if, as of the computation date of that year, an employer has been a contributing employer for less than twenty-four months, the contribution rate for that employer shall be the average of the contribution rates for all contributing employers in the employer's industry, as determined by administrative rule, but shall not be less than one percent or more than five and four-tenths percent;
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 33 - e a n e d r e l u [ A d employer shall be the average of the contribution rates for all contributing employers in the employer's industry, as determined by administrative rule, but shall not be less than one percent or more than five and four-tenths percent;
provided that an individual, type of organization or employing unit that acquires all or part of SB 3 Page 32 the trade or business of another employing unit, pursuant to Paragraphs (2) and (3) of Subsection E of Section 51-1-42 NMSA 1978, that has a rate of contribution less than average of the contribution rates for all contributing employers in the employer's industry, shall be entitled to the transfer of the contribution rate of the other employing unit to the extent permitted under Subsection E of this section.
provided that an individual, type of organization or employing unit that acquires all or part of the trade or business of another employing unit, pursuant to Paragraphs (2) and (3) of Subsection E of Section 51-1-42 NMSA 1978, that has a rate of contribution less than average of the contribution rates for all contributing employers in the employer's industry, shall be entitled to the transfer of the contribution rate of the other employing unit to the extent permitted under Subsection E of this section.
An adequate reserve shall be determined to mean that the funds in the fund available for benefits equal h the total amount of funds needed to pay between eighteen and u » r t h twenty-four months of benefits at the average of the five g e l i highest years of benefits paid in the last twenty-five years.
An adequate reserve shall be determined to mean that the funds in the fund available for benefits equal the total amount of funds needed to pay between eighteen and twenty-four months of benefits at the average of the five highest years of benefits paid in the last twenty-five years.
h r i s Except as provided in Subsection Q of this section, for the h , e h t u g purpose of sustaining an adequate reserve, the division shall e b l e e , gh determine a reserve factor to be used when calculating an n d d i = = o h l ] b ,d employer's contribution rate pursuant to Subsection F of this i a º r e r = section by rule promulgated by the secretary.
Except as provided in Subsection Q of this section, for the purpose of sustaining an adequate reserve, the division shall determine a reserve factor to be used when calculating an employer's contribution rate pursuant to Subsection F of this section by rule promulgated by the secretary.
Except as t e w d m a n o d m :
Except as provided in Subsection Q of this section, the rules shall set forth a formula that will set the reserve factor in proportion to the difference between the amount of funds available for benefits in the fund, as of the computation date, and the adequate reserve, within the following guidelines:
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 34 - e a n e d r e l u [ A d provided in Subsection Q of this section, the rules shall set forth a formula that will set the reserve factor in proportion to the difference between the amount of funds available for benefits in the fund, as of the computation date, and the adequate reserve, within the following guidelines:
(1) 1.0000 if, as of the computation date, SB 3 Page 33 there is an adequate reserve;
(1) 1.0000 if, as of the computation date, there is an adequate reserve;
Except as provided in Subsection Q of this section, for each calendar year beginning in calendar year 2017, if, as of the computation date for that calendar year, an employer has been a contributing employer throughout the h preceding twenty-four months, the employer's experience history u » r t h factor shall be determined as of the computation date and shall g e l i be based on the employer's reserve.
Except as provided in Subsection Q of this section, for each calendar year beginning in calendar year 2017, if, as of the computation date for that calendar year, an employer has been a contributing employer throughout the preceding twenty-four months, the employer's experience history factor shall be determined as of the computation date and shall be based on the employer's reserve.
The employer's reserve h r i s shall be calculated as the difference between all of the h , e h t u g employer's previous years' contribution payments and all of the e b l e e , gh employer's previous years' benefit charges, divided by the n d d i = = o h l ] b ,d average of the employer's annual payrolls for the immediately i a º r e r = preceding fiscal years, up to a maximum of three fiscal years.
The employer's reserve shall be calculated as the difference between all of the employer's previous years' contribution payments and all of the employer's previous years' benefit charges, divided by the average of the employer's annual payrolls for the immediately preceding fiscal years, up to a maximum of three fiscal years.
t e w d m a n o d m :
If an employer's reserve is:
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 35 - e a n e d r e l u [ A d If an employer's reserve is:
6.0% and over 0.4000 5.0%-5.9% 0.5000 4.0%-4.9% 0.6000 3.0%-3.9% 0.7000 2.0%-2.9% 0.8000 1.0%-1.9% 0.9000 0.0%-0.9% 0.9500 Under 0.0% 1.0000.
6.0% and over 0.4000 5.0%-5.9% 0.5000 4.0%-4.9% 0.6000 3.0%-3.9% 0.7000 SB 3 Page 34 2.0%-2.9% 0.8000 1.0%-1.9% 0.9000 0.0%-0.9% 0.9500 Under 0.0% 1.0000.
Except as provided in Subsection Q of this section, if an employer's contribution rate pursuant to Subsection F of this section is calculated to be greater than five and four-tenths percent, notwithstanding the limitation pursuant to Subsection F of this section, the employer shall be charged an excess claims premium in addition to the h g contribution rate applicable to the employer;
Except as provided in Subsection Q of this section, if an employer's contribution rate pursuant to Subsection F of this section is calculated to be greater than five and four-tenths percent, notwithstanding the limitation pursuant to Subsection F of this section, the employer shall be charged an excess claims premium in addition to the contribution rate applicable to the employer;
provided that an o t hr employer's excess claims premium shall not exceed one percent g e i k of the employer's annual payroll.
provided that an employer's excess claims premium shall not exceed one percent of the employer's annual payroll.
The excess claims premium h r i s h shall be determined by multiplying the employer's excess claims , t, e u g rate by the employer's annual payroll.
The excess claims premium shall be determined by multiplying the employer's excess claims rate by the employer's annual payroll.
An employer's excess e b l e e h claims rate shall be determined by multiplying the difference n d d i = = o h l ] b ,d of the employer's contribution rate, notwithstanding the i a º e r i = r limitation pursuant to Subsection F of this section, less five t e w d m a n o d m :
An employer's excess claims rate shall be determined by multiplying the difference of the employer's contribution rate, notwithstanding the limitation pursuant to Subsection F of this section, less five and four-tenths percent by ten percent.
b e d s º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 36 - e a n e d r e l u [ A d and four-tenths percent by ten percent.
L.
SB 3 Page 35 L.
Such determination shall become conclusive and binding upon the employer unless, within thirty days after the mailing of notice h thereof to the employer's last known address or in the absence u » r t h of mailing, within thirty days after the delivery of such g e l i notice, the employer files an application for review and h r i s redetermination, setting forth the employer's reason therefor.
Such determination shall become conclusive and binding upon the employer unless, within thirty days after the mailing of notice thereof to the employer's last known address or in the absence of mailing, within thirty days after the delivery of such notice, the employer files an application for review and redetermination, setting forth the employer's reason therefor.
h , e h t u g The employer shall be granted an opportunity for a fair hearing e b l e e , gh in accordance with rules prescribed by the secretary, but an n d d i = = o h l ] b ,d employer shall not have standing, in any proceeding involving i a º r e r = the employer's rate of contributions or contribution liability, t e w d m a n o d m :
The employer shall be granted an opportunity for a fair hearing in accordance with rules prescribed by the secretary, but an employer shall not have standing, in any proceeding involving the employer's rate of contributions or contribution liability, to contest the chargeability to the employer of any benefits paid in accordance with a determination, redetermination or decision pursuant to Section 51-1-8 NMSA 1978, except upon the ground that the services on the basis of which such benefits were found to be chargeable did not constitute services performed in employment for the employer SB 3 Page 36 and only in the event that the employer was not a party to such determination, redetermination or decision, or to any other proceedings under the Unemployment Compensation Law in which the character of such services was determined.
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 37 - e a n e d r e l u [ A d to contest the chargeability to the employer of any benefits paid in accordance with a determination, redetermination or decision pursuant to Section 51-1-8 NMSA 1978, except upon the ground that the services on the basis of which such benefits were found to be chargeable did not constitute services performed in employment for the employer and only in the event that the employer was not a party to such determination, redetermination or decision, or to any other proceedings under the Unemployment Compensation Law in which the character of such services was determined.
The employer shall be promptly notified of the decision on the employer's application for redetermination, which shall become final unless, within fifteen days after the mailing of notice thereof to the employer's last known address or in the absence of mailing, within fifteen days after the delivery of such notice, further appeal is initiated pursuant to Subsection D of Section 51-1-8 NMSA 1978.
The employer shall be promptly notified of the decision on the employer's application for redetermination, which shall become final unless, within fifteen days after the mailing of notice thereof to the employer's last known address or in the absence of mailing, within fifteen days after the delivery of such notice, further appeal is initiated pursuant to Subsection D of Section 51-1-8 h NMSA 1978.
M.
u » r t h M.
The division shall provide each contributing employer, within ninety days of the end of each calendar quarter, a written determination of benefits chargeable to the employer.
The division shall provide each contributing g e l i employer, within ninety days of the end of each calendar h r i s quarter, a written determination of benefits chargeable to the h , e h t u g employer.
Such determination shall become conclusive and binding upon the employer for all purposes unless, within thirty days after the mailing of the determination to the employer's last known address or in the absence of mailing, within thirty days after the delivery of such determination, the employer files an application for review and redetermination, setting forth the employer's reason therefor.
Such determination shall become conclusive and e b l e e , gh binding upon the employer for all purposes unless, within n d d i = = o h l ] b ,d thirty days after the mailing of the determination to the i a º r e r = employer's last known address or in the absence of mailing, t e w d m a n o d m :
The employer shall be granted an opportunity for a fair hearing in accordance with rules prescribed by the secretary, but an employer shall not have standing in any proceeding involving the employer's contribution liability to SB 3 Page 37 contest the chargeability to the employer of any benefits paid in accordance with a determination, redetermination or decision pursuant to Section 51-1-8 NMSA 1978, except upon the ground that the services on the basis of which such benefits were found to be chargeable did not constitute services performed in employment for the employer and only in the event that the employer was not a party to such determination, redetermination or decision, or to any other proceedings under the Unemployment Compensation Law in which the character of such services was determined.
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 38 - e a n e d r e l u [ A d within thirty days after the delivery of such determination, the employer files an application for review and redetermination, setting forth the employer's reason therefor.
The employer shall be promptly notified of the decision on the employer's application for redetermination, which shall become final unless, within fifteen days after the mailing of notice thereof to the employer's last known address or in the absence of mailing, within fifteen days after the delivery of such notice, further appeal is initiated pursuant to Subsection D of Section 51-1-8 NMSA 1978.
The employer shall be granted an opportunity for a fair hearing in accordance with rules prescribed by the secretary, but an employer shall not have standing in any proceeding involving the employer's contribution liability to contest the chargeability to the employer of any benefits paid in accordance with a determination, redetermination or decision pursuant to Section 51-1-8 NMSA 1978, except upon the ground that the services on the basis of which such benefits were found to be chargeable did not constitute services performed in employment for the employer and only in the event that the employer was not a party to such determination, redetermination or decision, or to any other proceedings under the Unemployment Compensation Law in which the character of such services was h determined.
N.
The employer shall be promptly notified of the u » r t h decision on the employer's application for redetermination, g e l i which shall become final unless, within fifteen days after the h r i s mailing of notice thereof to the employer's last known address h , e h t u g or in the absence of mailing, within fifteen days after the e b l e e , gh delivery of such notice, further appeal is initiated pursuant n d d i = = o h l ] b ,d to Subsection D of Section 51-1-8 NMSA 1978.
The contributions and excess claims premiums, together with interest and penalties thereon imposed by the Unemployment Compensation Law, shall not be assessed nor shall action to collect the same be commenced more than four years after a report showing the amount of the contributions was due.
i a º r e r = N.
In the case of a false or fraudulent contribution report with intent to evade contributions or a willful failure to file a report of all contributions due, the SB 3 Page 38 contributions and excess claims premiums, together with interest and penalties thereon, may be assessed or an action to collect such contributions may be begun at any time.
The contributions and excess claims premiums, t e w d m a n o d m :
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 39 - e a n e d r e l u [ A d together with interest and penalties thereon imposed by the Unemployment Compensation Law, shall not be assessed nor shall action to collect the same be commenced more than four years after a report showing the amount of the contributions was due.
In the case of a false or fraudulent contribution report with intent to evade contributions or a willful failure to file a report of all contributions due, the contributions and excess claims premiums, together with interest and penalties thereon, may be assessed or an action to collect such contributions may be begun at any time.
In any case where the assessment has been made and action to collect has been commenced within four years of the due date of any contribution, excess claims premium, interest or penalty, h including the filing of a warrant of lien by the secretary u » r t h pursuant to Section 51-1-36 NMSA 1978, such action shall not be g e l i subject to any period of limitation.
In any case where the assessment has been made and action to collect has been commenced within four years of the due date of any contribution, excess claims premium, interest or penalty, including the filing of a warrant of lien by the secretary pursuant to Section 51-1-36 NMSA 1978, such action shall not be subject to any period of limitation.
h r i s O.
O.
The secretary shall correct any error in the h , e h t u g determination of an employer's rate of contribution during the e b l e e , gh calendar year to which the erroneous rate applies, n d d i = = o h l ] b ,d notwithstanding that notification of the employer's rate of i a º r e r = contribution may have been issued and contributions paid t e w d m a n o d m :
The secretary shall correct any error in the determination of an employer's rate of contribution during the calendar year to which the erroneous rate applies, notwithstanding that notification of the employer's rate of contribution may have been issued and contributions paid pursuant to the notification.
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 40 - e a n e d r e l u [ A d pursuant to the notification.
Any interest required to be paid on advances to this state's unemployment compensation fund under Title 12 of the Social Security Act shall be paid in a timely manner as required under Section 1202 of Title 12 of the Social Security Act and shall not be paid, directly or indirectly, by the state from amounts in the state's unemployment compensation fund.
Any interest required to be paid on advances to this state's unemployment compensation fund under Title 12 of the Social Security Act shall be paid in a timely manner as SB 3 Page 39 required under Section 1202 of Title 12 of the Social Security Act and shall not be paid, directly or indirectly, by the state from amounts in the state's unemployment compensation fund.
h [Q.] R.
R.
u » r t h (1) "annual payroll" means the total taxable g e l i amount of remuneration from an employer for employment during a h r i s twelve-month period ending on a computation date;
(1) "annual payroll" means the total taxable amount of remuneration from an employer for employment during a twelve-month period ending on a computation date;
h , e h t u g (2) "base-period employers" means the e b l e e , gh employers of an individual during the individual's base period;
(2) "base-period employers" means the employers of an individual during the individual's base period;
n d d i = = o h l ] b ,d i a º r e r = (3) "base-period wages" means the wages of an t e w d m a n o d m :
(3) "base-period wages" means the wages of an individual for insured work during the individual's base period on the basis of which the individual's benefit rights were determined;
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 41 - e a n e d r e l u [ A d individual for insured work during the individual's base period on the basis of which the individual's benefit rights were determined;
(5) "computation date" for each calendar year means the close of business on June 30 of the preceding calendar year;
(5) "computation date" for each calendar SB 3 Page 40 year means the close of business on June 30 of the preceding calendar year;
An "employing enterprise" includes the employer's [work force] workforce;
An "employing enterprise" includes the employer's workforce;
h (8) "knowingly" means having actual knowledge u » r t h of or acting with deliberate ignorance of or reckless disregard g e l i for the prohibition involved;
(8) "knowingly" means having actual knowledge of or acting with deliberate ignorance of or reckless disregard for the prohibition involved;
h r i s (9) "predecessor" means the owner and operator h , e h t u g of an employing enterprise immediately prior to the transfer of e b l e e , gh such enterprise;
(9) "predecessor" means the owner and operator of an employing enterprise immediately prior to the transfer of such enterprise;
n d d i = = o h l ] b ,d (10) "successor" means any person that i a º r e r = acquires an employing enterprise and continues to operate such t e w d m a n o d m :
(10) "successor" means any person that acquires an employing enterprise and continues to operate such business entity;
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 42 - e a n e d r e l u [ A d business entity;
and (11) "violates or attempts to violate" includes an intent to evade, a misrepresentation or a willful nondisclosure." SECTION 12.
and (11) "violates or attempts to violate" includes an intent to evade, a misrepresentation or a willful nondisclosure."»Sfl3 SECTION Sfl3º11»Sfl3 Sfl3º12»Sfl3.
SECTION Sfl3º12»Sfl3 Sfl3º13»Sfl3.
SECTION 13.
EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.
EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect SB 3 Page 41 immediately.
- 43 - h u » r t h g e l i h r i s h , e h t u g e b l e e , gh n d d i = = o h l ] b ,d i a º r e r = t e w d m a n o d m :
SB 3 Page 42 3 5 7 9 25
b r e t º o t n = .218018.1AIC June 21, 2020 (2:28 pm) s k m e - 43 - e a n e d r e l u [ A d
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Action History

  1. Signed

  2. passed House

  3. DO PASS committee report adopted

  4. Sent to House Commerce & Economic Development Committee

  5. passed Senate

  6. floor substitute adopted (3 amendment)

  7. DO PASS committee report adopted

  8. Sent to Senate Finance Committee

Sponsors

  • Marian Matthews · Primary
  • Daymon Ely · Primary
  • Sander Rue · Primary
  • John M. Sapien · Primary
  • Jacob R. Candelaria · Primary

Sponsorship breakdown

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5 sponsors · 0 co-sponsors · 107 not signed on

Sponsors (5)

  • Matthews, Marian
  • Ely, Daymon
  • Rue, Sander
  • Sapien, John M.
  • Candelaria, Jacob R.

Co-sponsors (0)

None.

Not signed on (107)

107 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

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finance
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Frequently asked questions

Who sponsors SB 3?
SB 3 is sponsored by Matthews, Marian, Ely, Daymon, Rue, Sander, Sapien, John M., and Candelaria, Jacob R..
What is the current status of SB 3?
This bill has been enacted into law. Introduced June 18, 2020. Enacted.
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