The Latest: Bill signed to expand state’s small loans
SANTA FE, N.M. (AP) — The Latest on activity in the New Mexico Legislature (all times local):
New Mexico Gov. Michelle Lujan Grisham has signed legislation into law that would provide an additional $50 million to the state’s Small Business Investment Corporation to provide loans to small enterprises not served by traditional banks.
Signed on Wednesday, the initiative doubles capitalization of the Small Business Investment Corporation using money from a multibillion-dollar state trust known as the Severance Tax Permanent fund.
Profits from the lender’s small loans would returned to the roughly $5 billion Severance Tax Permanent Fund. That fund originates from taxes on oil and mineral extraction and provides about $200 million a year to the state general fund.
The New Mexico Legislature is sending a bill to the governor that would ban contests to see who can shoot and kill the most coyotes.
The House voted 37-30 on Tuesday to endorse the bill from Democratic Sen. Jeff Steinborn of Las Cruces and Republican Sen. Mark Moores of Albuquerque.
Ranchers and outfitters from across the state have argued over the years that the contests are a tool for managing packs of coyotes that threaten livestock. Opponents say the practice is barbaric and ineffective. This year’s bill would make it a misdemeanor crime to organize a contest. Participation would be a petty misdemeanor.
Coyote killing contests were banned on state trust land earlier this year by State Land Commissioner Stephanie Garcia Richard.