Production companies in New Mexico will be allowed to pre-assign tax rebates to third parties under a new law approved on Wednesday by Governor Susana Martinez.
The Governor’s approval of Bill HB 216 builds on the incentives enshrined in the so-called “Breaking Bad Bill” of 2013 that increased financial incentives for series television to 30%.
New Mexico provides a direct cash rebate. Many states require producers to sell their credits at a discount.
“This bill proves once again the deep, bi-partisan support for the film industry in New Mexico,” said Dana Arnold, CEO of Albuquerque Studios. “We want to thank the legislators and the Governor for promoting job creation and small business growth in New Mexico.”
At the annual legislative session that ended on March 21, the legislature also passed Bill S.565, which makes it easier for certain productions to obtain the 30% credit and encourages producers to hire and source locally.
The Governor has until April 10 to sign all pending legislation from the recent session.
Major features that shot at Albuquerque Studios recently include Denis Villeneuve’s potential Cannes entry Sicario starring Josh Brolin, Emily Blunt and Benicio del Toro and the second film in the Maze Runner series.