Higher NM Tax Subsidy Proposed For TV Projects
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.
Copyright 2013 The Associated Press.