LOOKING TO WIN BACK TV AND FILM PRODUCTIONS FROM NEW MEXICO
Yet another state has grown weary of seeing film projects that take place in their state, shot elsewhere because of better film credit incentives available. Arizona has long watched many productions choose New Mexico, with its generous film tax credit, for filming instead of the Grand Canyon state. Legislators hoping to change that trend have recently introduced a bill to entice Hollywood back to Arizona for filming and production. The bill proposed would provide tax breaks for projects that spend at least $250,000 up to a $30 million dollar annual cap.
NEW MEXICO’S FILM TAX CREDIT PROGRAM
Enacted in 2003, New Mexico has one of the longest running film tax credit programs in the country and further expanded the credit in 2016, offering an additional credit of 25% on in-state distribution services for production companies. Arizona hopes to capture some of the business back from New Mexico, which generated $1.5 billion alone in economic output from 2010-2014 from the film industry.
Arizona’s film office budget was cut completely as a casualty of the financial crisis in 2009, but local cities such as Tucson and Phoenix have still managed to host film projects. According to Film Phoenix, the Phoenix Film Office, almost $11 million was spent by productions in the city during the 2014-15 fiscal year. Groups such as the Arizona Film and Media Coalition and the Arizona Production Association work to promote the film industry and provide resources for productions in the state. If the state decides to pass the bill to bring filming back, there is an active community already in place.