SANTA FE, N.M. – A state legislator says New Mexico should consider lifting a cap on film production tax incentives.
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Senate Democratic Whip Tim Keller of Albuquerque said the incentives to attract film and TV production are cost effective based on a newly released study performed by an independent consulting firm.
The study found film production spending had generated nearly 15,900 jobs and economic output of $1.5 billion over nearly five years.
Gov. Susana Martinez sought to cut the incentives in 2011 but agreed to legislation limiting tax refunds to $50 million annually. The refunds peaked at $96 million in 2011.
Martinez signed legislation last year to sweeten the tax incentives for certain TV and film productions.
Keller said lawmakers should consider an adjustable cap that varies based on demand and state finances.