Gov. Susana Martinez also said this morning that she’d veto any cap on the state’s per-year payout to qualifying TV and film productions higher than $45 million, especially if the state continues to rebate 25 percent of qualifying expenses for those projects.
“I’m willing to continue to negotiate,” Martinez said of the continuing budget talks over what to do with New Mexico’s film production tax credit. The film incentive has become a lightning rod in ongoing budget talks. “But I would never put Hollywood before our kids,” she added.
Would you veto a film production tax credit with a higher cap than $45 million, a reporter followed up by asking her.
“Yes, because we would cut class room spending,” Martinez said.
Lawmakers have debated whether the $45 million cap would kill the fledgling film industry and have argued for a richer cap at $60 million.