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.