Bill > SB12

This bill makes several changes to the Film Production Tax Credit Act in New Mexico. Key provisions include: - Expanding the definition of "qualified production facility" to set new minimum requirements for facilities, including minimum size and soundproofing for sound stages and minimum acreage and number of sets for standing outdoor sets. - Requiring film production companies to enter into an agreement with the state to make financial or promotional contributions towards media-related education or workforce development efforts, and to provide a strategy for hiring a diverse and inclusive workforce, sourcing from diverse vendors, and maintaining sustainability for films with budgets over $5 million. - Increasing the aggregate amount of film production tax credits that can be claimed each fiscal year, starting at $110 million and increasing to $210 million by 2033. - Allowing film production companies designated as "New Mexico film partners" to be exempt from the aggregate credit cap. - Adding new requirements for vendors, including subjecting them to audits and site visits and allowing them to lose their status under the tax credit program for providing false documentation. - Expanding the "nonresident below-the-line crew credit" to allow a credit for up to 20 nonresident positions, with the number varying based on the production's budget. - Creating a new "film and media fund" to equip, furnish, and operate media academies for film training and promotion across the state. The changes in this bill are intended to support and grow New Mexico's film industry by expanding production facility requirements, incentivizing workforce development, and increasing the available tax credits.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=12&year=23