Under the House Bill 299, which has been passed by a vote of 38-27, local and state governments would be able to enter into long-term partnerships with private companies to develop schools, libraries, water projects, roads, government offices and recreation facilities.
The bill will now move to the Democrat-controlled Senate.
Bill sponsor Rep. Larry Larrañaga (R-Albuquerque) told The New Mexican:
"It's a way to do projects we need that otherwise wouldn't be built. It helps contractors, who do the work and collect rent. And it helps financial institutions. It's a partnership. Thirty-four other states use this process. It's time New Mexico does, too."
"Everywhere you look. The State Fair. Someone could come in and renovate the State Fair. There are water needs, $1.2 billion in water projects we're not building."
Larrañaga added that there are no plans to develop toll roads due that the stay does not have traffic enough to make it feasible.
During February this year, Kentucky's House Budget Committee approved a bill authorizing P3 for highway and bridge projects, Pennsylvania's Governor Tom Wolf signed an executive order establishing the Governor's Office of Transformation, Innovation, Management and Efficiency for finding new ways for the state to save money, including P3 and Senate Bill 172 was introduced in the Colorado State Senate for additional oversight of transportation P3.