I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
Film credit cap on the table
New Mexico’s film tax credits survived an all out cut earlier in the session. But now there is another measure headed through the Roundhouse to cap those credits. Senate Bill 235 would cap the credit each production could get at $4 million. Under the bill, if a production qualifies for the credit it would get $2 million for filming in New Mexico. In order to get the additional $2 million a project would also have to complete post-production in the state. The measure could save the state $25 million dollars.
Sen. John Arthur Smith, D-Deming, says he’s brought a similar bill for three sessions in a row and this is simply the latest try to shore up the state’s money.
“I don’t want to eliminate the industry,” Smith said Tuesday.
Smith expressed concerns about ”two or three” projects drawing most of the credits.
The bill would also require companies who apply for the credits to set up operations in New Mexico for six months before they would qualify.
Measures to end the state’s film credits have drawn strong reaction from the industry and from Governor Richardson. Sen. Smith said he’s already hearing from opponents of his bill. Senate bill 235 would have to go through three committees, including Smith’s Finance Committee before it would go before the full Senate.