Vote Smart's Synopsis:

Vote to pass a bill that allows for the investment a portion of the severance tax permanent fund into local independent and minority filmmakers.

Highlights:

- Allows a maximum of one half of one percent of the market value of the severance tax permanent fund to be invested in independent or underrepresented minority filmmakers [sec. 2 (a)]. - Establishes a limit of $5 million per project [sec 2 (b)]. - Allows the state investment officer to issue below-market interest rate loans to filmmakers who meet the private equity investment advisory committee's criteria [sec. 2 (d)]. - Requires that 80 percent of photography must be made in New Mexico, 60 percent of payroll be made in New Mexico, and 60 percent of producers, writers, directors and leading cast members be either New Mexico residents or underrepresented minorities [sec. 2 (d) (6)]. - Defines "underrepresented minority," for the purposes of this bill, as women, African Americans, Hispanic Americans, Asian Americans or Native Americans [sec. 2 (e)]. - This is a substitute bill offered by House Committee on Taxation and Revenue.

Full Bill Text