New Mexico Senate votes to keep 25% filming incentive but reduce annual cap
The state Senate in New Mexico has voted to keep the existing 25% filming incentive, but to reduce the annual cap to USD50 million. Just over USD65 million was paid out to productions in 2010.
New Republican Governor Susana Martinez - who must sign off on any changes - has been calling for a 10% reduction in the incentive figure. Keeping the 25% figure but lowering the annual cap would be a compromise, although Governor Martinez wants a lower cap of USD45 million.
Keeping the 25% figure but lowering the annual cap to USD50 million would be a compromise, although Governor Martinez wants a lower cap of USD45 million.
In an open letter to the Governor, The Motion Picture Association of New Mexico said: “Most recently, all major industry representatives both locally and nationally supported a plan that would limit annual credit payouts to USD45-50 million, would ‘tier’ a production’s credit payout over a period of up to three years and would protect series television production which is both long-term and encourages private investment in human and capital infrastructure in our state.”
The organisation also said it had on several occasions agreed to meet requirements set out by the new state administration for the incentives, but said the requirements have then been changed.
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