Democratic Sen. John Arthur Smith of Deming (Deming) – A local lawmaker has voiced concern on proposed legislation that increases the state’s financial commitments.
Democratic Sen. John Arthur Smith of Deming said he’s wary of promising more money in a year when New Mexico's budget apparently will be tight.
One example triggering Smith’s concern is a proposal to remove the annual cap on incentives for television productions.
Democratic Rep. Brian Egolf of Santa Fe reportedly is preparing such a bill and plans to introduce it in the coming week.
New Mexico in 2013 increased its tax refunds for television productions to 30 percent from 25 percent, and Egolf says it's time to do more to help the state diversify its economy.
His proposal would remove television productions from the current $50 million annual limit on tax credits provided to all film and television projects.
Smith is serving as vice-chair of the Legislative Finance Committee and has made his mark in Santa Fe as a fiscal conservative.
Lawmakers have said that the amount of “new money” available to New Mexico lawmakers for spending in the upcoming budget could be a lot less than previously projected – as much as $100 million less – due to an ongoing dip in oil prices.
Democratic Sen. John Arthur Smith of Deming said he’s wary of promising more money in a year when New Mexico's budget apparently will be tight.
One example triggering Smith’s concern is a proposal to remove the annual cap on incentives for television productions.
Democratic Rep. Brian Egolf of Santa Fe reportedly is preparing such a bill and plans to introduce it in the coming week.
New Mexico in 2013 increased its tax refunds for television productions to 30 percent from 25 percent, and Egolf says it's time to do more to help the state diversify its economy.
His proposal would remove television productions from the current $50 million annual limit on tax credits provided to all film and television projects.
Smith is serving as vice-chair of the Legislative Finance Committee and has made his mark in Santa Fe as a fiscal conservative.
Lawmakers have said that the amount of “new money” available to New Mexico lawmakers for spending in the upcoming budget could be a lot less than previously projected – as much as $100 million less – due to an ongoing dip in oil prices.
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