NM Senate approves film incentive sweetener

New Mexico Senate approves proposal to increase incentives for some TV, film projects

Associated Press

SANTA FE, N.M. (AP) -- A proposal to sweeten New Mexico's incentives for television and film projects is close to clearing the Legislature.

The Senate approved the House-passed proposal on a 32-8 vote Monday.

New Mexico offers a 25 percent tax refund for certain film and TV production expenses.

Under the legislation, the incentive would increase to 30 percent for a TV show producing at least six episodes in New Mexico. The extra 5 percent would be offered for film and TV projects spending an extended time in New Mexico doing their main photography at one of the state's film studios

The state caps incentives at $50 million annually.

The legislation would go to the governor if the House accepts the Senate version, which limits unused subsidies that can be carried over to another year.

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