Bill could lead to potential tax break for filmmakers

New Mexico

Filmmakers may be getting the break they have been wanting as lawmakers at the Roundhouse look at getting rid of the cap on tax incentives.

The cap currently is at $50 million, which is something film crews are easily surpassing. There has been a push for years to get rid of that cap to spur the film industry even more, and it looks like that could happen this year.

Friday, Sen. Nancy Rodriguez announced she would be sponsoring the legislation. She says this will bring in a lot of money to New Mexico and make the state an even bigger hub for film production.

She says most importantly, it will bring more jobs for New Mexicans in the film industry.

“It’s about removing barriers about job creation in New Mexico. About removing barriers to business development. It’s about augmenting and stimulating our economy,” said Rodriguez.

Gov. Michelle Lujan Grisham was at Friday’s announcement saying she supports it.

The governor also addressed the backlog in paying filmmakers their incentives. Right now, that sits at about $180 million.

She says this bill does not deal with that problem, but it is a priority this session. She hopes to work out a deal to get filmmakers that money in a one-time payment.

The film cap was enacted under Gov. Martinez with many Republicans arguing the state was giving away too much money to wealthy Hollywood production companies, but believe it kept many productions from choosing our state over others.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest Video

Now Trending on KRQE.com

Video Forecast

Erica's Tuesday Morning Forecast

More Weather Video Forecast
Albuquerque Hourly Forecast

Don't Miss

More Don't Miss