ALBUQUERQUE, N.M. (KRQE)- It’s been a record year for the film industry in New Mexico.
According to the Albuquerque Journal, during the fiscal year 2019, the New Mexico state film office spent more than $525 million into the state’s economy. This is up from the $234 million spent in the fiscal year 2018.
State officials say this is following the passing of Senate Bill 2, raising the cap on what can be paid to film and tv productions in a single year from $50 million to $110 million.
The Journal reports that film companies currently receive a 25% rebate and good and expenses for New Mexico projects with some television shows getting up to a 30% rebate.
