Bill > HB238

This bill establishes the "independent theater sponsorship program" as a three-year pilot project, administered by the economic development department, to provide financial sponsorship payments to eligible independent theaters and assess their impact on the economic development of municipal business districts. To qualify, a theater must be located in a designated arts and cultural district or a "main street program" area (a program aimed at revitalizing downtown areas) and be owned by an individual or entity that owns only that single theater. The economic development department will determine which theaters receive payments and the amount, which will be tailored to each theater's financial situation and the availability of matching public or private funds, with state sponsorship capped at $2,000 per month, and these funds can be used for building improvements or operational costs. The department is also tasked with creating rules for the program, evaluating its fiscal impact, and reporting its findings annually to legislative committees, with a final report due by October 1, 2029. The bill also appropriates $1,000,000 from the general fund to the economic development department for this program, to be spent between fiscal years 2027 and 2029.

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=238&year=26