New Mexico State Tax Credits for Films Almost Double Over '07New Mexico's film incentive program has triggered millions of dollars of media industry activity in the state, from movie to TV productions to Sony Imageworks relocating some of its animation work to Albuquerque. The credits, along with other incentives like interest-free film production loans, have helped attract more than 80 film and TV feature productions, totaling $1.4 billion in economic activity to the state, according to the New Mexico Film Office. Under the program, the state rebates up to 25 percent of local expenditures, such as food and lodging, made in New Mexico. The Taxation and Revenue Department paid $30 million in the first four months of fiscal year 2008, which began in July, to cover rebates paid to filmmakers, according to the committee. That's up from $17 million for all of 2007, Abbey said. |