From Senate Democrats
An amended version of a House bill dubbed the “Breaking Bad” bill was approved Friday by the Senate Corporations and Transportation Committee. The goal of House Bill 379, sponsored by House Majority Whip Moe Maestas (D, Bernalillo, District 16) is to bring more productions to New Mexico by increasing the current 25 percent tax credit to 30 percent for shows filming in New Mexico.
Production crews would essentially get 30 cents back for every dollar spent filming in the state. An amendment would cap rollover tax credits at $10 million. Another amendment puts a three-year sunset on the funds.
“I’m very pleased my colleagues in the Senate are behind this jobs bill– the Breaking Bad Bill,” said House Majority Whip Maestas. “New Mexicans need jobs — good paying jobs — and this legislation will boost our economy, sending a strong message to the film and TV industry.
“My bill’s five percent rebate increase for TV productions filming in New Mexico is a critical investment because we know that successful TV shows employ New Mexicans and also purchase goods and services from local small businesses for consecutive years.”
Maestas continued, “HB 379′s year-to-year carry forward provision will not only attract more film productions to New Mexico by making unused funds available in future years, but it also maintains budget stability which is a priority of the administration.
“Additionally, I’m very proud that this legislation protects New Mexico workers, ensuring that they are the individuals who will benefit from the new jobs created by this bill.”
The bill moves to Senate Finance Committee.