New Mexico shows film tax incentives create jobs
A new study carried out over the past five years in New Mexico shows that for every $8,519 spent on tax incentives to attract film and television productions one new job was created.
In total this means that since mid-2009, film production spending created around 15,900 full-time jobs. This resulted in roughly $104m in taxes, said the report released by the New Mexico Film Office.
During the time of the study the film industry received some $239m in tax refunds in the state.
Film office director Nick Maniatis said in a statement: "New Mexico is clearly a top-notch location for film and TV production, and the results of this study show the important, positive role that this industry plays in communities throughout the state."
New Mexico’s tax incentives are very popular with producers. The state offers up to a 30% tax refund for certain film and TV production expenses, though since 2011 the total incentives are capped at $50m a year. Post-production services carried out in New Mexico also qualify for a 25% tax credit, even if the project is shot elsewhere.
Alongside the financial benefits the state also has a solid crew base and a diverse landscape, making it possible for a big variety of genre films to shoot in the state.
Recent productions include feature film Bare, featuring Imogen Poots; the Breaking Bad spin-off series Better Call Saul; 2 Guns starring Mark Wahlberg and Denzel Washington plus Jerry Bruckheimer’s production The Lone Ranger.