New Mexico introduces new tax incentive bill
New Mexico has introduced a new tax incentive bill that will allow production companies to pre-assign their tax rebates to third parties.
The bill, which was passed by Governor Susana Martinez, is designed to attract more independent film and commercial work to New Mexico, with the ability to pre-assign the rebate benefits independent producers who are in need of financing for their projects and commercials producer working for agencies.
Dana Arnold, CEO of Albuquerque Studios, said: “This bill proves once again the deep, bipartisan support for the film industry in New Mexico. We want to thank the legislators and the Governor for promoting job creation and small business growth.”
There is also a second bill being prepared that would allow for the state’s existing 30% tax incentives for TV series to also include stand-alone pilot episodes. The new measure is set to go into effect by 1 January 2016.