NM Senate Approves Film Incentive Sweetener
A proposal to sweeten New Mexico's incentives for television and film projects is close to clearing the Legislature.
The Senate approved the House-passed proposal on a 32-8 vote Monday.
New Mexico offers a 25 percent tax refund for certain film and TV production expenses.
Under the legislation, the incentive would increase to 30 percent for a TV show producing at least six episodes in New Mexico. The extra 5 percent would be offered for film and TV projects spending an extended time in New Mexico doing their main photography at one of the state's film studios
The state caps incentives at $50 million annually.
The legislation would go to the governor if the House accepts the Senate version, which limits unused subsidies that can be carried over to another year.