The House Taxation and Revenue Committee in the New Mexico House of Representatives is now scheduled to consider HB 379 on Feb. 11. That’s according to a spokesman for the bill’s sponsor, Rep. Antonio “Moe” Maestas, D-Albuquerque.
The bill would allow unused credits to roll over to the following fiscal year if the number of tax credits claimed does not reach the $50 million annual cap. It would also boost the 25 percent tax rebate on qualified expenditures to 30 percent for TV series that shot at least six episodes in a single season in the state or spent at least $500,000 on building, rigging and lighting at least one set in New Mexico.
The bill would also allow for a film production company to sell, transfer, or assign all or a portion of the film production tax credit to another entity.
The fiscal impact report by the Legislative Finance Committee indicates the bill would have no fiscal impact on the state budget because it does not seek to remove the $50 million cap. A bill that would eliminate the cap, announced by Sen. Phil Griego, D-San Jose, has not yet been filed.