New Mexico – The State Investment Council is sticking with New Mexico's film loan program while it waits to see if the Legislature overhauls the financial incentives offered to the film industry.
The council on Tuesday shelved a proposal that would have capped the total loans to film projects at $100 million. Currently, interest-free loans can be made up to 6 percent of the market value of the Severance Tax Permanent Fund. That allows loans totaling more than $200 million, although only about $75 million in loans are outstanding.
Council spokesman Charles Wollmann said council members decided to hold off any changes while the Legislature considers whether to revamp the tax rebates and other incentives for film productions done in the state. Loans are capped at $15 million for a film project.
Copyright 2011 The Associated Press.