New Mexico Gov. Susana Martinez has signed legislation that will allow a production to “pre-assign” its tax rebate to a third party, a move that state film officials say will make it easier for production companies to obtain financing or the greenlight for their projects.
On her desk is additional legislation that will also sweeten the state’s existing 30% incentive by extending it to standalone pilot episodes. It also expands the definition of qualified facilities to include outdoor movie ranches, enabling producers to claim the credit for work performed there.
The pre-assignment of credits is designed to make the New Mexico incentive more attractive to independent films and commercial production. Many other states require producers who receive credits to sell them at a discount; New Mexico provides a direct cash rebate.