New Mexico legislators want to remove TV series from cap on tax incentives
- THE ASSOCIATED PRESS
- First Posted: July 23, 2014 – 5:54 pm
Last Updated: July 23, 2014 – 5:59 pm
SANTA FE, New Mexico — Two Democratic lawmakers plan to ask the Legislature to revamp a $50 million annual cap on tax incentives for film and television production in New Mexico.
A newly issued study of the incentives has reignited a debate over whether it makes financial sense for New Mexico to offer tax subsidies to attract film and TV production.
Rep. Brian Egolf of Santa Fe said Wednesday he will introduce a measure in next year’s legislative session to remove TV productions from the $50 million subsidy limit. The cap would remain for films.
“If we can do something to make the incentive program we have more attractive for TV jobs, then we should look at doing that,” Egolf said. “We’re going to be getting, I think, the longest-term bang for our buck by doing everything we can to get more TV series invested in New Mexico, hiring our folks year-in and year-out.”
Senate Majority Whip Tim Keller of Albuquerque said lawmakers could raise the cap to allow for more TV productions or consider an adjustable cap that varies based on demand and available state finances.
Read more here: http://www.dailyjournal.net/view/story/90382c0ac96141b4ba3efb152fe97f0a/NM–Film-Incentives/