New Mexico proposes Increased Film Incentives

“The proposed legislation will also include a phased increase to the yearly cap on film credit rebates of an additional $10 million per fiscal year, bringing the total yearly cap from $110 to $210 million over the next decade.

According to the bill, the addition to the cap will adjust for steady growth and inflation in order to prevent a backlog that would begin to accrue in fiscal year 2025, ensuring New Mexico can continue to attract larger-scale productions that employ New Mexico cast and crew members.

The bill also doubles the uplift for productions outside the Albuquerque-Santa Fe county corridor to 10%.

“We have seen the economic benefit our current film incentive has had on our state, and now it’s time to make the bill even stronger, helping to grow New Mexico’s digital media ecosystem — and that includes high-paying jobs, business growth, and top-tier workforce development,” said Sen. Rodriguez.“

By Adrian Gomez