New Mexico offers more than 100 tax credits, deductions, and other exemptions. You can view the full spreadsheet which lists them all here. One of the so-called tax credits is the 25% rebate for the film industry which is not a “credit” at all. But, policymakers are looking for ways to close the $400 million deficit and are going to be considering closing some of these “loopholes” during the 2011 legislative session.
I have looked at the list and it doesn’t seem to me that many of these deductions and rebates are purely wasteful and should be cut in their entirety, but I’ll have more analysis on this coming soon. What do you think?