Posted at: 03/15/2013 2:12 PM
Updated at: 03/15/2013 10:13 PM
By: Steve Mieczkowski, KOB.com
Photo: Susana Martinez
New Mexico Governor Susana Martinez vetoed the proposed "Breaking Bad" bill Friday.
HB 379 would have increased the state's film rebate to 30% for TV series shooting at least six episodes in New Mexico and would also carry forward up to $10 million in unused film tax credit funds for use in future years.
In a message to the state House, Martinez said, “I support the film industry as an important contributor to New Mexico’s economy. But like many New Mexicans, I previously questioned the logic of an unlimited subsidy to a single industry at the expense of other worthy and competing investments the State must make, including classroom spending and health care for the most needy. That is why, in 2011, I signed into law a bi-partisan compromise that would cap the annual amount of taxpayer dollars paid out to reimburse Hollywood film productions. By doing so, we have been able to more accurately estimate the budget impact of this subsidy and properly plan for upcoming years, while also supporting the film industry in the state.
“This session, I expressed a willingness to compromise and consider a measure that expanded the reimbursement rate for television productions. However, I was clear that any such measure must be part of a comprehensive tax reform package that helps create more jobs in New Mexico. Unfortunately, as of the time I am required to take action on this bill, the legislature has chosen to only pass a package to increase subsidies to Hollywood, while failing to pass reforms designed to diversify our economy and help New Mexico businesses grow.”