FILM LOANS TO CERTAIN PROJECTS

SB 460 would allow the state to provide loans from its severance tax fund to "independent New Mexico film projects" at 0% to market interest rates. These projects must be filmed wholly in New Mexico, employ a majority of New Mexico residents on crew, have a distribution contract, and meet specific funding or guarantee requirements (like a completion bond or third-party guarantee). The bill defines "independent" as excluding major studios, networks, or streaming services, and sets a $15 million cap per project. The bill was referred to committees and postponed indefinitely on June 3, 2025, so it has not become law.