GrowBio NM has brought together some of the best minds in New Mexico’s bioscience community to develop a viable strategic plan. These strategies reflect years of experience working across a number of disciplines and are built on enduring partnerships with state and local governments.
GrowBio NM will lobby for expanding tax incentives, incentives for out-of-state investors and access to state pension fund investment opportunities. These are critical sources of capital to sustain the growth of bioscience companies.
We believe successful innovation results from close collaboration. We recommend creating a program to provide matching funding for collaborative bioscience research programs among New Mexico’s research universities, national laboratories and private firms.
Minor tax reforms can create a flow of funds to support further development of New Mexico’s bioscience industry. We recommend that the state implement a special $0.50 tax on e-cigarettes dedicated to for this purpose. Proceeds from this tax can be used to fund incentives, grow infrastructure and create jobs. We also recommend that the state eliminate gross receipts taxes for bioscience industry services to make New Mexico competitive with other states that do not have a gross receipts tax.
We are also seeking a state-funded grant program to support New Mexico bioscience start-ups. This will help to promote innovation and give recent bioscience graduates and researchers an incentive to stay in New Mexico to pursue their bioscience business ventures and advancements.