Film Tax Credit

Bill raising film tax rebate cap goes to governor
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Gov. Michelle Lujan Grisham said she was going to take the “shackles” off the state’s film industry by removing an annual $50 million cap on tax rebate payouts to eligible production companies that film in the state. While she didn’t exactly get her wish, Senate Bill 2 comes close. It increases that cap from $50 million to $110 million, appropriates $225 million to pay off a backlog of film tax credits owed to production entities and, to sweeten the deal, offers another 5 percent in tax rebates for productions that shoot in rural areas. The House of Representatives voted 41-24 to approve Senate Bill 2 after a nearly three-hour debate around 3 a.m. Friday. One Democrat, Candie Sweetser of Deming crossed party lines to join 23 Republicans in opposing the initiative.