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N.M. Senate Votes to Cap Production Incentives

New Mexico lawmakers brought the state one step closer to a cap on film- and TV-production incentives Wednesday night, but their efforts fell short of the deep cuts that Gov. Susana Martinez has proposed making to the program. A state Senate committee approved a measure that would cap the program's budget at $50 million, but would preserve at 25 percent the tax rebate given to film and television productions shooting in the state. Martinez favors cutting the percentage to 15, and has threatened to veto any cap higher than $45 million.

The Los Angeles Times called the Senate measure "a compromise and partial victory for film-industry advocates." State Senate Finance Committee chairman John Arthur Smith told the Santa Fe New Mexican that tax revenue derived from oil drilling in the state will help make up the gap between the Senate's proposal and Martinez's goal. New Mexico is one of several states that have been considering rollbacks to production tax incentives.
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