Senate Panel Caps Film Subsidies At $50 Million/Year
New Mexico – New Mexico will cap rebates for film production at $50 million a year under a proposal heading to the Senate.
The Senate Finance Committee approved the measure on Monday. It replaces a House-passed measure that would have limited film subsidies at $45 million and spread out some payments to film companies over three years.
The film measure is considered a critical piece of a financial package the Legislature is working on to balance next year's state budget. The film proposal will free up more than $18 million next year that lawmakers are using to supplement the budgets for education, health care and public safety programs.
Film technicians' union business agent Jon Hendry said the union opposes the legislation.
Copyright 2011 The Associated Press.