FOR IMMEDIATE RELEASE: MARCH 9, 2019
Contact: Yvette Perez (505)986-4882
SENATE BILL RAISING FILM INDUSTRY INCENTIVE CAP
PASSES SENATE CORPORATIONS & TRANSPORTATION COMMITTEE
SB2 INCREASES REBATE LIMIT TO $110 MILLION AND
NOW MOVES TO SENATE FINANCE COMMITTEE
Santa Fe, NM–In a hearing packed with members of the local film community, the Senate Corporations and Transportation Committee passed a substitute version of Senate Bill 2, raising the cap on the film industry tax rebate incentive from $50 million to $110 million. An additional 5% is available for productions shooting in rural and native regions of the state.
SB2 now moves to the Senate Finance Committee for consideration and is sponsored by Senator Nancy Rodriguez (D-Santa Fe).
With the promise of more high-paying jobs, increased business opportunities for supply chain industries, tax and tourism revenue for New Mexico, the passage of Senate Bill 2 is a top priority this legislative session. Senator Rodriguez and Secretary of Economic Development Alicia Keys brought along several members of the local film community who spoke in strong support of raising the film rebate cap, arguing that the $50 million limit imposed in 2011 has cost New Mexico productions–and jobs–to states that better incentivize the film industry.
For more information, visit:
https://www.nmlegis.gov/Sessions/19%20Regular/bills/senate/SB0002.pdf
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