The bill amends existing legislation regarding investments from the Severance Tax Permanent Fund in New Mexico film projects. It allows for loans to be made at a zero percent to market rate of interest specifically for "independent New Mexico film projects." These projects are defined as those filmed entirely in New Mexico, with a majority of the production crew being residents, and produced by companies that are not major film studios or multinational streaming services. Additionally, the bill permits the state investment officer to invest up to eighty percent of the expected film production tax credit available to a film production company, contingent upon the company naming the state investment officer as its agent for tax credit applications.

The bill also clarifies the definitions of "film project" and introduces the term "independent New Mexico film project." It maintains existing investment limits, such as the cap on the percentage of the Severance Tax Permanent Fund that can be invested in film projects and the maximum investment amount per project. The New Mexico film division will determine the estimated amount of the film production tax credit, and the council will establish guidelines for the initiation and terms of loans by the state investment officer.

Statutes affected:
introduced version: 7-27-5.26