Saturday, February 16, 2008

Local Incentives Bill Dies

From KOAT-7 News:

Film Investment Bill Dies In Legislature

SANTA FE, N.M. -- The Legislature has failed to pass a measure that supporters said would have allowed local filmmakers to take part in New Mexico's film production bonanza.

The legislation would have allowed the State Investment Council to invest up to one-half of 1 percent of the market value of the Severance Tax Permanent Fund in local independent or minority filmmakers.

No investment could have been more than $5 million. The legislation would have allowed the state investment officer to make no-interest loans to independent or minority filmmakers who met certain criteria.

Opponents had said the bill still would have left locals in the lurch because out-of-state filmmakers would find ways to hold themselves out as residents.

1 comment:

Michael Bernstein said...

Hmm. That's a shame. Perhaps a more palatable approach would be to fund local production companies with no-interest loans plus a small equity stake? I think I sent you an email on this subject.