The House Taxation and Revenue Committee passed the legislation on Friday.
The bill has two main provisions. One would give TV shows additional incentives to film in New Mexico. Currently, TV shows and films each reach a 25 percent tax credit for filming in the state. This bill would give TV shows an additional five percent tax credit, for a total of 30 percent.
The other provision would “roll over” any unused funds to the next year for film tax credits. The film incentives currently have a $50 million cap. So if there were only $45 million used in one year, the $5 million would roll over to the next year — making $55 million available.
The wide support in the committee from Representatives in both parties bodes well for the bill’s chances of passage in the full House.
Rep. Moe Maestas, D-Albuquerque, introduced the legislation and issued a release after its passage.
“New Mexico welcomes the film industry again,” said House Majority Whip Maestas. “New Mexicans need jobs, good paying jobs, and this bill will help get our state back to work right away by sending a strong message to Hollywood. My bill’s five percent rebate increase for TV productions filming in New Mexico is a critical investment because we know that successful TV shows employ New Mexicans and also purchase goods and services from local small businesses for two, four, sometimes six years.”
The bill has been deemed the “Breaking Bad bill” after the critically-acclaimed AMC show that is finishing up its six-year run. The show stars actor Bryan Cranston as a science teacher-turned-meth-dealer and is widely considered one of the top TV shows on current TV — and perhaps all time.
The show films in New Mexico, including extensively in Albuquerque.
Other TV shows that filmed in New Mexico since the film tax credits were passed include “In Plain Sight,” which filmed in Albuquerque, and the current A&E show “Longmire,” which films in Las Vegas, NM.
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