Legislator wants to raise tax subsidy cap for TV projects proposed in NM

Posted at: 02/01/2013 7:55 AM
By: The Associated Press

SANTA FE, N.M. (AP) - 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. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)