Sunday, January 13, 2008

Rebate Cap Proposal Dropped

From Robert Nott at the Santa Fe New Mexican...
Cap for film incentives loses steam

Panel shelves idea after industry supporters pack hearing

By Robert Nott | The New Mexican

1/12/2008 - 1/13/08
After film industry supporters packed a state Capitol hearing room Saturday, a legislative committee sidelined a proposal to limit a financial-incentives program used to help lure movie projects to New Mexico.

Witnesses complained to the Legislative Finance Committee that a proposed $30 million cap on tax rebates and other breaks for film productions would hurt an industry that has added jobs and increased spending here in recent years.

The panel dropped the idea of pursuing a bill in the 30-day legislative session that begins Tuesday. Officials said an independent study should be completed before the Legislature takes up the matter next year.

Roughly 250 supporters of the film industry showed up for Saturday's meeting, chaired by Sen. John Arthur Smith, D-Deming.

"This is the most successful economic program in the history of New Mexico," Jon Hendry, business agent for the International Alliance of Television and Stage Employees 480, the local union for film technicians, said before the meeting. "Putting a cap on that is putting a cap on success."
...

Read the full article here: http://www.santafenewmexican.com/SantaFeNorthernNM/Cap_for_film_incentives_loses_steam

1 comment:

Dr. Sax said...

Given the negative consequences of this exercise, one has to wonder if anyone is asking who it was that instigated this piece of political theater - particularly since it's already cost the state the economic benefits that having a major film shot here would have produced.