Latest news with #TradePortsDevelopmentAct
Yahoo
06-02-2025
- Business
- Yahoo
Bill aims to make New Mexico a major hub for trade in the United States
SANTA FE, N.M. (KRQE) – Lawmakers are hoping to put New Mexico on the map as a major trade hub with a bill that would create designated port districts across the state. The Trade Ports Development Act would incentivize local governments to establish centers for making and moving goods through New Mexico. Lawmakers say this bill would help put New Mexico at the forefront of trade. 'You know we've seen some changes at the national level in terms of trade and we want to be ready we want New Mexico to be ready for that,' said Rep. Patricia A. Lundstrom (D-McKinley). Story continues below Community: Sandia Peak Ski Area is temporarily closing Crime: Albuquerque business takes matters into their own hands when it comes to shoplifters Podcast: What's Behind The Dip In Fentanyl Overdose Deaths? Investigation: 'We held people accountable': Chief takes credit for ending DWI scheme within APD Lawmakers say it's time to take advantage of New Mexico's infrastructure and location to turn it into a leading state for large-scale trade. Rep. Lundstrom is the lead sponsor of a bill that would help municipalities create trade ports which are distribution and manufacturing centers designed to move large quantities of goods. They are typically located along key transportation corridors, but Lundstrom also wants to prioritize rural, tribal, and economically disadvantaged communities. 'You know we often talk about the need for diversification in New Mexico and this bill allows for that because what it is, it's an economic development best practice of using your existing assets, turning them around for economic development purposes,' said Rep. Lundstrom. The proposal would create an advisory council under the umbrella of the Economic Development Department that would review and recommend possible locations for trade ports across the state. It would also create a trade port fund using a portion of the state's gross receipts tax, to pay for grants and loans toward trade port developments. Bernalillo County is already working on a trade hub along I-40. Meanwhile, other potential locations include Doña Ana County and McKinley County. Lawmakers say it would put the state in a position to bring economic opportunities closer to home. 'Location, location, location. We've got that right here in the state. This is a tremendous opportunity to build out that infrastructure to attract those companies and that infrastructure,' said Javier Martinez, Speaker of the House (D). Under the bill, the program would last ten years with the option to renew it if lawmakers choose. The bill was heard earlier Wednesday in committee but was temporarily tabled with the intent to bring it back as part of a broader tax package. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
30-01-2025
- Business
- Yahoo
House committee advances bill aimed at designating trade port districts, funding public-private projects
Jan. 29—A bill allowing the New Mexico Economic Development Department secretary to designate trade port districts and create a path for the state to enter into public-private partnership agreements that would finance projects in those areas gained key approval from a House committee on Wednesday. The House Commerce and Economic Development Committee moved House Bill 19, called the Trade Ports Development Act, through on a 9-0 vote. Bill sponsor Rep. Patricia Lundstrom, D-Gallup, told committee members the legislation comes at a time of increasing onshoring and reshoring, processes in which companies either move to or back to the United States. In New Mexico, she said, the state has three major interstates, two Class 1 railroads and passenger air service which could potentially be divided into districts with "the purposes of trade and distribution" — ultimately attracting capital and jobs. "The state of New Mexico needs to get in the game," Lundstrom said. "And right now we aren't ... when it comes to that kind of activity." Lundstrom said if passed, HB19 and its associated trade ports development fund could generate revenue of more than $550 million. The fund would take a percentage of new revenue distributions from the motor vehicle excise tax and gross receipts tax over fiscal years 2026 through 2035, which would then go toward a fund administered by the EDD. The department would dole out grants and loans to finance trade port projects — subject to private partners matching or exceeding the "monetary obligation" of the state — and to Native American tribes, nations and pueblos working with private partners on projects, according to a legislative analysis of the bill. Representatives from the economic development group New Mexico Idea, the Brotherhood of Locomotive Engineers and Trainmen New Mexico, the I-40 TradePort Corridor — an initiative aimed at creating an efficient logistics system from New Mexico to Los Angeles' seaports complex — and local chambers of commerce all voiced their approval for HB19. "This positions New Mexico as a key player in regional and national commerce, leveraging our geographic advantages to attract new business, create high-quality jobs and strengthen our transportation network," said Rio Rancho Regional Chamber of Commerce President and CEO Jerry Schalow. Rep. Marian Matthews, D-Albuqerque, called the bill "really impressive" and "hopefully, a model for something that we can do in various places around the state." Rep. Gail Armstrong, R-Magdalena, asked if designated trade port districts are to be determined. "Those that want to do it and feel like they meet the criteria would actually put an application together for the Economic Development Department for them to come out and do an assessment," Lundstrom said. Armstrong said for her, it's a concern that some areas are not already designated. But she ultimately gave the bill a thumbs up. "I want this. I am for this," Armstrong said. "I was concerned about that, but ultimately, it's good for New Mexico. And overall, that's what we all need to be concerned about — is what's good for New Mexico."
