Help for
Veteran Owned Businesses In New Mexico |
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Effective 1 July 2016 New Mexico will enact a
new law
which will give Veteran Owned Businesses an advantage when
it comes to doing business with the state.
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The new law stipulates that when the formal bid process is
used resident veteran businesses with annual gorss revenues
of up to three million dollars ($3,000,000) in the preceding
tax year will be deemed to be ten percent (10%) lower than
the bid actually submitted.
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When the purchase is made using the formal bidding process
and the bids received
for both recycled
content goods and nonrecycled content goods, the bid
submitted for recycled content goods from a resident veteran
business with annual revenues of up to three million dollars
($3,000,000) in the preceeding tax year will be deemed to be
ten percent (10%) lower than the bid actually submitted.
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When the purchase is made using a formal request for
proposal process (RFP),
not including
contracts awarded on a point-based system, resident
veteran businesses are awarded an additional ten percent
(10%) of the total weight of all factors used in evaluating
the proposals to a resident veteran business that has annual
gross revenues of up to three million dollars ($3,000,000)
in the preceeding tax year.
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When the purchase is made using a formal request for
proposal process (RFP), and the contract is
awarded based on a
poing-based system, an additional ten percent (10%) of
the total possible points will be awarded to a resident
veteran business that has annual gross revenues of up to
three million dollars ($3,000,000) in the preceeding tax
year.
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A veteran business can't benefit from this program for
more than 10 consecutive years.
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In order to take advantage of these changes in the law a
veteran business must be registered in the state of New
Mexico as a veteran owned busniess
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Sources:
New Mexico HB 93
By Bill
Williams
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