ALBUQUERQUE, N.M. (AP) — New Mexico politicians are banking on more film and television producers bringing their business to the state now that annual tax rebate payouts are doubling.
Gov. Michelle Lujan Grisham visited Albuquerque Studios on Friday to sign the film incentive legislation.
The state is increasing the annual rebate cap from $50 million to $110 million. Other major provisions include one-time spending of up to $225 million to address a backlog of unpaid incentives. The backlog is projected to hit $382 million by the end of the year.
Incentives also will be sweeter for productions centered in rural New Mexico.
Lujan Grisham, a Democrat, says producers should know the state wants their creativity and their business. She also mentioned the ripple effect, in which restaurants, hotels and other service industries can benefit.