Bill > HB15

This bill modifies the Film Production Tax Credit Act by adjusting the annual cap on the total amount of tax credits that can be authorized for payment. Specifically, for fiscal years beginning on or after July 1, 2016, and ending before June 30, 2017, the aggregate amount of claims allowed will be reduced to $25 million, while for fiscal years beginning on or after July 1, 2017, the cap will return to $50 million, with the cap for fiscal years beginning prior to July 1, 2016, remaining at $50 million. This change impacts film production companies that are eligible for tax credits based on their direct production expenditures (costs directly related to making a film or audiovisual product) and postproduction expenditures (costs for services performed after filming) in New Mexico. The bill also makes conforming changes to related sections of the law to reflect these adjustments to the annual credit cap and the process for handling claims that exceed the yearly limit.