Local Members to Benefit from Tax Incentives

New Mexico Senate Bill 2 was signed into law by Gov. Michelle Lujan Grisham on March 29 at a ceremony held at Albuquerque Studios. This legislation gives New Mexico’s already-impressive incentives a real boost and puts it on the map with all the other big markets. The new legislation is dynamic and provides stabilized growth.

Senate Bill 2 highlights include:

• Annual cap is raised to $110 million.
• Production companies that lease or purchase a facility with a 10-year commitment are exempt from the annual cap. This should allow companies to budget over the long term. Netflix is the frst beneficiary of this bill.
• Commitment to pay off the backlog of previously owed incentive returns.
• Additional 5% in rebates to productions that shoot outside of the Albuquerque-Santa Fe corridor. This will spread the work around the state by making it more cost-friendly for production.
   

Photo: New Mexico Gov. Michelle Lujan Grisham, fourth from right, front row, is joined by industry stakeholders at the signing of SB 2 into law.