NEWS: Netflix Benefits From Changes in New Mexico’s Production Incentives1 min read
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When New Mexico’s new governor, Democrat Michelle Lujan Grisham, signed SB2 in late March, the headline was that it more than doubled the annual cap on the state’s 25%- to 30%-per-project refundable film and TV tax credit, from $50 million to $110 million.
Arguably more noteworthy, however, was the new law’s provision that the cap would not apply to companies that purchase or sign a 10-year lease for a qualified production facility. That’s good news for Netflix, which bought Albuquerque Studios in October and promised to make a total capital investment of $30 million in the facility and spend more than $1 billion to produce content there over the next decade. That means the deep-pocketed streamer — which has already shot a plethora of productions in New Mexico, from the feature-length Adam Sandler Western spoof The Ridiculous 6 to series such as Longmire, Godless and Chambers — can bring as many shows to the state as it wants, with no concern that its incentives would be limited by any cap.
Image credit: Ursula Coyote
