New Mexico clears backlog of tax rebates to film industry | KOB 4
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New Mexico clears backlog of tax rebates to film industry

New Mexico clears backlog of tax rebates to film industry

The Associated Press
September 19, 2019 02:42 PM

SANTA FE, N.M. (AP) - New Mexico tax officials say the state has cleared its backlog of pledged tax rebates to film production companies by reimbursing $30 million of in-state spending.
    
The Taxation and Revenue Department announced Thursday it had cleared the backlog of credits to film and video productions. The state paid out $100 million in backlogged credits in June.
    
The payments fulfill a campaign promise by Democratic Gov. Michelle Lujan Grisham. The unpaid rebates accrued under a $50 million annual spending cap that was amended this year by lawmakers.
    
Lawmakers increased the annual incentive cap to $110 million in an effort to attract jobs and spending.
    
New Mexico is the backdrop for TV shows and films include "Breaking Bad," ''Better Call Saul" and "The Goldfinch."
 

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Copyright 2019 The Associated Press. All rights reserved.

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