H 237 REPEAL FILM PRODUCTION TAX CREDIT

Rep Larry R Scott

Actions: [3] HCEDC/HTRC-HCEDC

Scheduled: Not Scheduled

 House Bill 237 (HB 237) eliminates the Film Production Tax Credit and provides for the exhaustion of eligible credits after the Act’s repeal date.
 

 House Bill 237 (HB 237) repeals the Film Production Tax Credit. The bill also provides for continued credit claims if the taxpayer is eligible prior to the credit’s repeal or has unused credit until exhausted.

The credit is 25% of direct production and postproduction expenditures and additional 5% for television pilots and series. Another 5% is available for productions at least 60 miles outside Bernalillo and Santa Fe Counties. The tax credit expenditure (cost from lost revenue) for Fiscal Year 2022 was $60,532,000

The effective date of HB 237 is July 1, 2023.