RIO RANCHO, N.M. — A bill that aims to tighten financial requirements for companies that receive taxpayer incentives and another aimed at protecting home buyers who purchase property in developments that use the Public Improvement District process to pay for infrastructure have made it through senate committees and are now among those waiting to go to the Senate floor, said bill sponsor Rep. Jason Harper, R-Rio Rancho.
House Bill 352 increased “clawback” provisions, or the requirement for companies to pay back taxpayer incentives if they fail to achieve stated economic development goals. The bill passed the House late last month. Harper said Sen. Peter Wirth, D-Santa Fe has agreed to sponsor it in the Senate.
A House substitute for Harper’s HB 371 and HB355, a similar bill sponsored by Rep. Mimi Stewart, D-Albuquerque is also headed to the Senate where it will be sponsored by Sen. Tim Keller, D-Albuquerque.