FOR IMMEDIATE RELEASE: MARCH 12, 2019
Contact: Yvette Perez (505)986-4882
IN DECISIVE VOTE, SENATE BILL RAISING FILM INDUSTRY INCENTIVE CAP PASSES SENATE AND NOW MOVES TO HOUSE FOR CONSIDERATION
SB2 INCREASES REBATE LIMIT TO $110 MILLION, ATTRACTING MORE FILM & TV PRODUCTION TO NEW MEXICO
Santa Fe, NM–In a decisive vote, the Senate passed a substitute version of Senate Bill 2, which will raise the cap on the film industry rebate incentive from $50 million to $110 million. On top of the average 25% rebate, an additional 5% will be available for productions shooting in rural regions of the state.
The film industry is a major economic driver in New Mexico, providing high-paying jobs, increased business opportunities for local supply chain industries and significant tax and tourism revenue. Sponsored by Senator Nancy Rodriguez (D-Santa Fe), SB2 has the strong backing of Governor Michelle Lujan Grisham and is a top priority this legislative session.
“Passing SB on the Senate floor tonight is a clear sign that economic development is a priority for our legislators.”
– Alicia Keyes, Secretary of Economic Development
“SB 2 represents an important next step in the evolution of film production in New Mexico. By passing this measure we are sending a clear signal that New Mexico looks to have a lasting partnership with the film industry. I am especially proud of the additional incentive we’ve added for production work in rural New Mexico. This will not only expose more people to the natural beauty throughout our state, but it will also be a driver of jobs and economic growth for communities statewide.”
– Senator Nancy Rodriguez
“IATSE Local 480 supports Senate Bill 2, the Governor’s film bill, because it promotes filmmaking in New Mexico, it increases the film cap which will allow for growth in the industry, bringing more money into the state. This will create more jobs for New Mexicans, increase our crew base, allow for more stability in the industry including better wages and more benefits. Senate Bill 2 also addresses the backlog which has been crippling the industry by slowing it down. Once the backlog is paid off we expect the industry to experience growth and that means more jobs for New Mexicans.”
– Liz Pecos, President, IASTE Local 480
Members of the local film community have shown up at the Roundhouse in large numbers to support SB2, arguing that the $50 million limit imposed in 2011 has cost New Mexico productions–and jobs–to states that better incentivize the film industry. Today, the New Mexico Federation of Labor AFL-CIO and its affiliated labor organizations officially endorsed SB2. In a powerful letter to Senator Rodriguez, union leaders say, “the bill will usher in a new era of opportunities for New Mexico’s working families, with high-paying jobs with benefits that include healthcare and pension. Additionally, it will generate revenue for local businesses.”
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