HOUSE BILL 216

52nd legislature - STATE OF NEW MEXICO - first session, 2015

INTRODUCED BY

Jim R. Trujillo

AN ACT

RELATING TO TAXATION; PROVIDING FOR THE ASSIGNMENT OF FILM PRODUCTION TAX CREDITS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. A new section of the Film Production Tax Credit Act is enacted to read:

     "[NEW MATERIAL] ASSIGNMENT.--

          A. A film production company that is eligible to receive a film production tax credit may assign the tax credit to a third-party financial institution. If the parties to the assignment have complied with the procedures established by the taxation and revenue department for the assignment of a film production tax credit, the department shall remit to the institution that amount of tax credit approved by the department that would otherwise be remitted to the company.

          B. A film production tax credit assignment is valid only if the assignee of the credit is required by law to file with the taxation and revenue department a tax return in the year that the credit is assigned.

          C. For the purposes of this section, "financial institution" means a bank, savings institution or credit union that is organized or chartered pursuant to the laws of New Mexico or the United States."

     SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2015.

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