Saturday, January 22, 2011

Governor targets film production tax credit, but 'giveaways' abound for oil and gas industry

Trip Jennings | The New Mexican
Posted: Friday, January 21, 2011 -

"One New Mexico industry received more than $130 million in tax breaks last year.

Supporters say the breaks are necessary to do business.

Critics call them "giveaways."

The state's oil-and-gas industry benefited from a host of tax exemptions, deductions, credits and rate differentials strewn through the tax code. And that has film-industry advocates wondering why Gov. Susana Martinez has singled them out."...

..."Rep. Brian Egolf, D-Santa Fe, and new chairman of the House Energy and Natural Resources Committee, thinks it's about time to look through some of the breaks the oil and gas industry gets for possible revenue.

"I will have a bill introduced next week where I am going to look at the some of the tax giveaways that go to oil, gas and coal," Egolf said."...

..."Whose ox is getting gored? ...

...the oil and gas industry contributed $807,000 of the $6.9 million in campaign contributions Martinez collected when she ran for governor last year, institute data show. Among industries, oil and gas was her biggest contributor.

Martinez's office said Friday the contributions have no bearing on her decision to not target tax exemptions, deductions and credits for industries beyond film production. " More>>>>

1 comment:

  1. The government is only thinking of the film production rather then thinking of any other oil and gas industry. The government must concentrate on these productions also.