Enacts the Trade Ports Development Act.

Creates the Trade Ports Development Act to promote economic development and enhance supply chain resiliency by enabling the creation of trade port districts in the state and authorizing the use of public-private partnerships (P3s) for development and operation thereof. Trade port districts will include multimodal systems and facilities to efficiently manage cargo and its movement between locations. The trade ports program will be supported by a Trade Ports Development Fund comprised of a monthly distribution from Gross Receipts Tax revenues and a distribution from Motor Vehicle Excise Tax revenues. Responsibility for creating and implementing trade ports falls to the Department of Economic Development (EDD). Certain aspects of the program, namely coordination and compliance with statewide transportation improvement programs, include the involvement of the New Mexico Department of Transportation (NMDOT). Also changes the distribution matrix for the vehicle excise tax.

Pending House action.

01/21/2025 Referred to House Committees on Economic Development, and Transportation.
01/30/2025 Reported by House Committee on Economic Development with recommendation for passage as amended.