New Mexico Film Subsidy Capped

Well this wasn’t a surprise. New Mexico will put a cap on the amount of money they give away to lure film production:

Democratic Rep. Brian Egolf of Santa Fe said the $45 million cap is a “death sentence” for the film industry in New Mexico. He tried unsuccessfully to boost the limit to $60 million.

Wasn’t someone proclaiming the death of VFX in California just the other day? Yet vfx companies like Red Earth VFX in New Mexico was recently shuttered. It will be interesting to what Imageworks will do.

The problems the VFX industry is going through is not unique to California.

What’s interesting to me is that the NM legislature originally refused Governor Martinez’s offer of rolling back the subsidy to 15% with no cap. I would have preferred that over the current compromise.

Soldier On.

10 Responses to New Mexico Film Subsidy Capped

  1. Jason Macza says:

    Didn’t Gov. Walker give out 150million is tax breaks?

    45 million is nothing. These corporations are such greedy mother fuckers.

    • VFX Soldier says:

      Its important to distinguish the difference between a subsidy and a tax break.

      If you get a tax break, it usually means they lower taxes on incomes. You still have to pay taxes.

      A subsidy is where government funds part of a film production. So if you have a film and do $10 million of work in New Mexico, they would give you $2.5 million.

      Under this new agreement this stays the same, however once New Mexico has given out a total of $45 million, thats it. Not a penny more for the year.

  2. […] as a more stable and affordable environment. Fast forward today and you’ll find that the subsidy is capped and the focus by Imageworks and other facilities on Vancouver and it’s more aggressive […]

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  4. […] have begun to curtail the use of film subsidies: Louisiana, Massachusetts, Michigan, Maryland, New Mexico, Nevada, Connecticut, Alaska, […]

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