NM HB238

Creates a three-year pilot program administered by the Economic Development Department to provide sponsorship payments to independent theaters located in Main Street program areas or designated arts and cultural districts

Limits eligibility to theaters owned by a person who owns only one theater, with sponsorship payments capped at $2,000 per month and adjusted based on financial capacity, operating capability, and availability of matching funds

Allows sponsorship payments to be used for capital improvements or operating expenses

Appropriates $1,000,000 from the general fund for fiscal years 2027-2029, with unexpended balances reverting to the general fund

Requires annual reports to interim legislative committees by November 1 and a final report by October 1, 2029, evaluating program outcomes and fiscal impact on municipal business districts