Regional
10:15 am
Fri March 11, 2011

House OKs Loan Proposal For Small NM Films

SANTA FE, N.M. – The House approved a bill on Thursday to allow an existing loan program to offer financing of up to $3 million for film projects by New Mexico producers.

The state makes no-interest loans of up to $15 million for film and television productions but only one of the two dozen loans since 2002 was for less than $3 million.

The legislation provides for loans charging an interest rate, which could be lowered if the film was done in a rural area of the state and if most of the cast and crew were from New Mexico.

The bill passed the House 66-1 and goes to the Senate.