New Mexico: Lawmakers, governor-elect look to eliminate film credit tax cap

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Production giant Netflix is on its way in, but there’s concern many filmmakers will be on the way out of New Mexico soon if the state doesn’t lift the $50 million annual tax credit cap for productions.

This comes after the state revealed it has a backlog of $180 million in credits to pay out for productions in the Land of Enchantment. Lawmakers have tried to change this as recently as the 2018 legislative session, but the measures have never passed.

The odds look much better this coming year under governor-elect Michelle Lujan Grisham, and some say it’s just in the nick of time.

New Mexico has been thrust to the forefront of the film industry, but there’s concern that spotlight will go dark if we don’t make changes to the tax credit program quickly.

See more at KRQE.

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