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SPONSOR: |
Robinson
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DATE TYPED: |
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HB |
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SHORT TITLE: |
Investment
in Films Produced in |
SB |
380/aSCORC |
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ANALYST: |
Neel |
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REVENUE
Estimated Revenue |
Subsequent Years Impact |
Recurring or
Non-Rec |
Fund Affected |
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FY03 |
FY04 |
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NFI |
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|
|
|
|
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(Parenthesis ( ) Indicate Revenue Decreases)
Responses
Received From
SIC
SUMMARY
Synopsis of SCORC
Amendments
The Senate Corporations and Transportation
Committee amendment would allow the SIC to purchase up to 80% of the film
investment refundable tax credit for which an eligible New Mexico film project
can file with the Taxation & Revenue Department.
Synopsis
of Original Bill
This
bill changes the amount authorized for investment in films produced in
FISCAL IMPLICATIONS
Films are a special form of private equity
investment. Given the latest fund
pricing, the SIC is allowed to invest up to $15.6 million in films. They
currently have commitments for roughly $12 million. This bill would allow the
agency to increase commitment to $78.1 million
SS/prr/njw