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NEW MEXICO LEGISLATURE PASSES BILL TO INCREASE TAX INCENTIVES FOR FILM AND TELEVISION PRODUCTION


 

Santa Fe, New Mexico, April 8, 2015 – Governor Martinez made key improvements to the state’s world-class tax incentive program for film and television production through her approval of the bill HB 216.

Coming two years after the state famously passed the “Breaking Bad Bill” that increased financial incentives for series television to 30%, the newly passed legislation extends the 30% credit to stand-alone pilot episodes, and makes it easier for feature film productions to qualify for the 30% labor credit by expanding the definition of “qualified facilities” to include outdoor movie ranches.

HB 216, introduced by representative Jim R. Trujillo (D-Santa Fe), allows a production company to pre-assign its tax rebate to a third-party. Unlike the many states that require producers to sell their credits at a discount, New Mexico provides a direct cash rebate, and the ability to pre-assign the earned rebate will be a benefit both to independent producers seeking financing for their projects and commercial producers working for agencies or accounts wanting direct assignment of the rebate. This new feature will attract more independent film and commercial work to New Mexico.

“This bill proves once again the deep, bi-partisan support for the film industry in New Mexico,” said Dana Arnold, CEO of Albuquerque Studios. “We want to thank the legislators and the Governor for promoting job creation and small business growth in New Mexico. These bills make New Mexico even more competitive and attractive for producers, while encouraging producers to hire locally and use New Mexico vendors. This is a big win for the working men and women of the New Mexico film industry.”

New Mexico production has been booming in the two years since the legislature passed the "Breaking Bad Bill." Television series currently in production in Albuquerque include Better Call Saul, the hit prequel/sequel to Breaking Bad; the second season of NBC’s hit new medical dramaThe Night Shift; USA’s Dig; with new seasons of Longmire and Manhattan current in production in Santa Fe. Major feature films including the upcoming Sicario starring Josh Brolin, Emily Blunt and Benicio del Toro and the second film in the Maze Runner series have recently wrapped production at Albuquerque Studios.