House Democrat Wants to Incentivize Growth of NM Film
Bill to Increase Investment in Growing Film Business
Santa Fe, N.M. – House Bill 192 aimed at incentivizing the growth of New Mexico’s film industry passed through the House Business and Industry Committee (HBIC) on a 7-3. The bill, sponsored by Representatives Daymon Ely (D-Corrales) and Bill McCamley (D-Mesilla Park) increases the film tax credit from $50 million to $53.8 million for the next fiscal year and beyond.
“We need to look at our state’s strengths to help us get back on track. Young people are leaving our state because there are no jobs for them,” said Representative Ely. “With increased tax credits for our burgeoning film industry, we can help stem the tide of people leaving New Mexico by putting more of them to work in an industry that can support a family.”
“It’s time that we put our money into solutions that we know and are proven to work,” stated Representative McCamley. “Our film industry has grown significantly due to these tax credits. To me, it is a no-brainer that we need to continue and even increase our investments in film because that is where the jobs are.”
House Bill 192, besides increasing the total amount of tax credits from $50 million to $53.8 million, and makes public the rules for how a company can receive those credits. House Bill 192 passed HBIC and will next be heard in the House Taxation and Revenue Committee (HTRC).