New Mexico reassured by report
The long-awaited study by Ernst & Young on the economic return by the state’s film and media incentives found that for every USD1 extended in state tax credits, state and local governments received USD1.50. The results will be a great relief for the New Mexico film industry as an earlier survey reported that the return could have been as low as 15 cents.
Bill Richardson, Governor of New Mexico, said: “This is a successful initiative worthy of our continued support, especially in these difficult economic times."
Ernst & Young also found that film production activities created 2,220 direct film and media jobs in 2007. This included about 1,670 below-the-line employees (typically crew jobs) that paid USD49,500 annually and 550 actors, directors and producers working in New Mexico.
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