NEW MEXICO (KRQE) – Governor Michelle Lujan Grisham signed a measure that will expand New Mexico’s Local Economic Development (LEDA) Fund Wednesday. Senate Bill 1 from last month’s special session, will allow 50% of state and local tax revenue to be used as public support for economic development projects. The money placed into the LEDA fund will assist businesses with land, building and infrastructure costs.

“We have to embrace and fight for every opportunity for New Mexico,” said Gov. Lujan Grisham in a news release. “This new initiative will give us another important tool to create higher-paying jobs and diversify the economy.”

The bill passed the Senate 28-10 and the House 59-8 during the special session. According to a news release, the bill has an emergency clause and is effective immediately.