New Mexico debt to filmmakers inches toward $250M | KOB 4
Advertisement

New Mexico debt to filmmakers inches toward $250M

New Mexico debt to filmmakers inches toward $250M

The Associated Press
December 18, 2018 11:12 AM

SANTA FE, N.M. (AP) - Officials say New Mexico's debt to the film industry could hit $250 million by summer and reach $700 million in four years.

Advertisement

The Albuquerque Journal reports Jon Clark, chief economist for the Legislative Finance Committee, told state lawmakers Monday that New Mexico is on track to reach a "breaking point" eventually under the current system, which offers movie companies a 25 percent tax rebate but limits the state's annual payout to $50 million.

The state is reaching the limit each year, running up an unpaid tab of film incentives.

No consensus emerged Monday on how to address the cost.

Clark says it would take the state 14 years at $50 million annually to pay off a $700 million backlog.

Credits

The Associated Press

Copyright 2018 The Associated Press. All rights reserved.

Advertisement
Comment on Facebook

Share 4 - News Tips - Photos - Videos
  Share a News Tip, Story Idea, Photo, Video



Advertisement

Relay Media Amp

Advertisement

Advertisement




Man arrested twice this month for rape charges

Crews respond to overnight fire in southeast Albuquerque

Doctors warn parents: Buy your kids a helmet

Woman warning others after being stalked in NE Albuquerque

Explora! hosts nights for adults to enjoy