UPDATE: Above Governor Martinez speaks to KOB-TV’s Stuart Dyson about her stance on the “Breaking Bad Bill”.
Today (1:30 room 317) the New Mexico Legislature will hear House Bill 379.
Introduced by Representative Antonio “Moe” Maestas (D), HB379 raises the tax incentive percentage from 25% to 30% for qualifying television productions.
The bill would also allow any money of the $50M cap that is not spent to roll over to the next year. So if this year only $40M were paid out, $10M would carry over into next fiscal year, essentially raising the incentive budget to $60M the following year.
This legislation is tailored to attract and maintain television series production in the state. While the world renowned, five season run, hit series Breaking Bad is set to wrap in just a matter of weeks, New Mexico is looking to take on more of this kind of steady employment for our very rich crew & talent base, like that of the second season A&E hit Longmire, now in production.
As Jon Hendry, business agent for the local film technician’s union, recently spelled out for the Taos News, there are currently four network television series that are shooting or plan to begin production in the state. He said HB 379 would help keep those productions in New Mexico if the shows get picked up by networks.
Contact YOUR HTRC now in support of the so-called Breaking Bad Bill!
On the senate side, Senator John C. Ryan (R) has just introduced Senate Bill 468 which is said to “clean-up” language of previous legislation with clearer and more defined parameters for New Mexico Film Incentives.
SB0468 outlines taking any money not used in the $50M cap to pay out deferred payments on films due a rebate above $5OM. Those films would get 3 equal payments, one immediately, one in 12 months and the 3rd in 24 months. The bill also states that if there is money left at the end of the year of the 50m it would be used to pay the production company in real-time instead of waiting for the 12 and 24 months.
The senate bill also aims to tighten-up the language about how non-residents can be hired, and under what circumstances. These revisions are meant to resolve some conflicts and “loopholes” in laws created during previous legislation.
Title edit via Matthew Reichbach