NEW MEXICO (KRQE) – A proposal to expand the tax incentives for productions that film in New Mexico sailed through its first committee.
Right now, productions that film in New Mexico and employ local workers can claim up to $110 million a year in tax rebates.
Senate Bill 12 would raise that cap by $100 million to $210 million a year, phased in over the next ten years.
It would also expand the incentives to film in parts of the state outside the Albuquerque-Santa Fe corridor.
The state’s Economic Development Secretary said the incentives have already spurred major growth, attracting big production companies like Netflix and NBC Universal to make commitments to the state.
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She said the goal is to keep that momentum going, especially with the current trend of bigger-budget TV series.
The department estimates the film industry will spend $15 billion in New Mexico over the next ten years.