New Mexico Senate endorses more subsidies to film industry
SANTA FE, N.M. (AP) — The state Senate has endorsed a bill that would more than double New Mexico’s annual payout to the film industry through tax rebates and address a backlog in payments.
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.
Gov. Michelle Lujan Grisham campaigned on promises to lift the $50 million annual cap on the film incentives.