Friday, January 11, 2008

NM (Incentives) in the News: NM 3rd in the Nation for Film Production

From KDBC4, serving El Paso, Las Cruces and Juarez:

Move Over Hollywood: New Mexico Pulls in Millions on Movies

posted by Crystal Gutierrez KDBC 4 News

Twenty four major motion pictures are already scheduled for production in New Mexico this year; a huge number that's put the state third in the nation for film production.

There are several reasons film makers are making "The Land of Enchantment" their filming lot; the mountains, dry desert, long-stretch of blue skies, and open space for man-made lots.

But aside from the obvious, the main attractions just may be the incentives.

1. New Mexico offers a 25% tax rebate on all production costs; this includes all supplies that are bought in New Mexico.
2. Major film productions can take out a 15 million dollar loan and not pay a cent on interest with the states 0% APR loans.
3. The state will pay the salary for all New Mexico residents that work on the film, that have less than two years experience.

The great incentives are pulling in movie makers. Last year, Albuquerque's revenue on film production jumped from 24 million to 80 million dollars.

Las Cruces is following in the Duke City's footsteps. Two films wrapped up production within the last couple of weeks. One was the major motion film "Burning Flame" starring Charlize Theron.

From the looks of things, New Mexico is taking on the film industry one incentive at a time.

I think a few of the details might be off there, but the gist is correct.

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