New Mexico puts USD50 million annual rolling cap on its filming incentive
In a move that could curb what was a growing status as a production centre, New Mexico has added a USD50 million rolling cap to its filming incentive. The change has been in the works since Republican Susanna Martinez took over the Governor’s office, although her original plan was more drastic.
It appears the USD50 million cap is a compromise from Martinez’s original aim to cut the tax credit from 25% to 15%. New Mexico may still struggle to reach the production levels it’s established in recent years given the appeal of the tax credit. The state paid more than USD100 million in tax credits in the last financial year.
New Mexico has been a hotbed of production activity recently, with Marvel shooting extensively in the state for Thor and The Avengers.
The New Mexico Film Office said: “A rolling cap means that any accrued amounts greater than USD50 million in any one fiscal year will be ‘rolled over’ into the next fiscal year. There is no prequalifying or ‘getting in line’ since credits will be awarded based upon when you file your credit claim or tax return.”
New Mexico has been a hotbed of production activity recently, with Marvel shooting extensively in the state for Thor and The Avengers. The Coen Brothers visited for their massively successful remake of True Grit and Albuquerque gives critically-acclaimed TV show Breaking Bad much of its unique personality.
The local industry will be hoping to maintain its out-of-state appeal, despite the slash in funds for tax credits.
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