Legislator wants to raise tax subsidy cap for TV projects proposed in NM
Posted at: 02/01/2013 7:55 AM
By: The Associated Press
SANTA FE, N.M. (AP) - A Democratic legislative leader proposes to increase tax refunds available for some television production in New Mexico.
New Mexico provides a 25 percent refund on certain expenditures on film and TV production.
House Majority Whip Antonio "Moe" Maestas of Albuquerque introduced a measure Thursday to raise the tax subsidy to 30 percent for TV series that produce at least six episodes a year in New Mexico.
The state provides no more than $50 million in tax credits each year.
Under Maestas' proposal, subsidies that go unused under the cap could be carried over to the next year.
That potentially makes more than $50 million available in some years.
The state paid out about $9 million in subsidies in the last budget year and $21 million so far this year.
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