Speaker: New Mexico House to vote on film rebate increase
SANTA FE, N.M. (AP) — New Mexico House Speaker Brian Egolf says he expects the House to pass a measure to double the annual rebate cap to the film industry.
Egolf said the proposal is scheduled to be heard in a House committee and should come before the full House late Thursday.
By a 32-8 vote on Tuesday, the Senate endorsed a bill that would increase the annual rebate cap from $50 million to $110 million. Other major provisions include authorized rebate payments of between $195 million and $225 million by July 2020 to address an accumulation of unpaid incentives.
The tax incentives aim to attract filmmakers to New Mexico and provide a 25 percent rebate to film productions for most direct expenditures in the state, with provisions for larger rebates with long-term filming commitments.