FOR IMMEDIATE RELEASE: MARCH 12, 2019
Contact: Yvette Perez (505)986-4882
SENATE BILL RAISING FILM INDUSTRY INCENTIVE CAP PASSES SENATE FINANCE COMMITTEE IN UNANIMOUS VOTE
SB2 INCREASES REBATE LIMIT TO $110 MILLION AND NOW MOVES TO SENATE FLOOR FOR VOTE
Santa Fe, NM–By a unanimous vote, the Senate Finance Committee passed a substitute version of Senate Bill 2, which will raise the cap on the film industry tax rebate incentive from $50 million to $110 million. An additional 5% will available for productions shooting in rural regions of the state.
The film industry is a major economic driver in our state, providing high-paying jobs, increased business opportunities for local industries and significant tax and tourism revenue.
SB2 now moves to the Senate Floor for a vote. It is sponsored by Senator Nancy Rodriguez (D-Santa Fe) and has the strong support of Governor Michelle Lujan Grisham.
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