Legislation hikes rebates to 30%
The provisions, included as part of a tax reform bill dubbed the New Mexico Jobs Package, increases the state’s rebate for series TV production to 30% from 25% of a producer‘s total qualified spend in New Mexico. Feature films will also be eligible for a 30% rebate on resident labor if they use a qualified production facility and for a 25% rebate on other expenses.
Martinez and New Mexico legislators worked out a deal last month for a package of tax cuts after Martinez said she could not give tax cuts to only the film industry.
The bill has been dubbed the “Breaking Bad Bill” since the series has been filmed since 2007 in Albuquerque, where its final episodes are being shot. It also provides for the roll-over of up to $10 million in unused funds in each fiscal year.
“The phone started ringing right after the legislature passed the bill, even before the governor signed it,” said Wayne Rauschenberger of Albuquerque Studios. “We’re hearing from a lot of folks that we haven’t heard from in a while, hoping to reserve the stages for summer and fall. Now that it’s official, I’m expected the floodgates will really open up and we’re going to very busy.”