AS STATE LAWMAKERS CONTINUE THEIR SESSION IN SANTA FE…IT'S BECOMING MORE AND MORE CLEAR THAT MONEY WILL BE TIGHT DUE TO LOST REVENUE FROM LOW OIL PRICES. SENATE FINANCE COMMITTEE CHAIRMAN JOHN ARTHUR SMITH SAYS THAT MEANS THE STATE MAY NOT BE ABLE TO AFFORD PROPOSALS LIKE THE ONE TO BOOST INCENTIVES FOR T-V PRODUCTIONS.
HE SAYS WHEN THEY COME THROUGH WITH TAX INCENTIVES, REGARDLESS OF WHICH INDUSTRY IT'S FOR, IF THERE'S AN ERROR, THE STATE HAS RELIED ON THE FUNDED OIL AND GAS REVENUES TO OFFSET MISCALCULATIONS. HE SAYS THAT BENEFIT OF ERROR DOES NOT EXIST AT THIS POINT.
SMITH SAYS SOME FORECASTS SAY THE REVENUE PICTURE WILL IMPROVE SOON…WHILE OTHERS SAY IT'LL BE THIS WAY FOR A COUPLE OF YEARS.
