New Mexico Governor pushes for payoff of $380 million film tax credit backlog

0

Gov. Michelle Lujan Grisham wants state legislators to allocate up to $380 million to pay off a backlog of tax credits owed to production companies that shot movies or television shows in New Mexico.

Tripp Stelnicki, a spokesman for the governor, said the buildup of unpaid rebates “creates an uncertainty in the minds of producers. The governor prefers to get this done as quickly as possible.”

Paying what’s owed would require a one-time appropriation from the general fund, said House Speaker Brian Egolf, D-Santa Fe, who met with the governor Tuesday.

As it stands, New Mexico’s tax incentive program for qualifying moviemakers only allows state government to pay out $50 million of rebates a year, regardless of how much was accumulated.

The idea of paying off the rebates comes as the House of Representatives prepares to vote on a proposed $7 billion budget.

And two proposals — Senate Bill 2 and House Bill 654 — seek to eliminate the $50 million annual ceiling on tax credits for the industry. See more at Santa Fe New Mexican.

Share.

About Author

Leave A Reply