The Rio Grande Foundation has long been critical of New Mexico’s film subsidy program, but study after study (at least when they have been objective) have found the film subsidy program to be wasteful and an economic loser.
A brand new report from New Mexico’s Legislative Finance Committee only further buttresses the Foundation’s arguments. Here are a few items from the report which summarize its findings:
- Evidence suggests film incentives are less effective at attracting private investment, cost more per job, and have a lower return on investment than other incentive programs.
- (Film subsidies) cost more than twice as much per job as the other large economic development incentives.
- Most state evaluations find film incentives have a negative fiscal ROI.
- In the next five years, film subsidies paid out could grow by 171 percent, increasing from $100.2 million in FY23 to $272.1 million by FY28.
The film program is costly and is the very worst form of corporate welfare. It is great to see the LFC saying what RGF has been arguing for more than a decade.
Image below is courtesy KRQE Channel 13.
Thank you for posting facts. Much better than the untruths from our local daily, an unabashed supporter of left-wing foolishness.
You sound pretty biased yourself Wayne if you think everything other than this rag is biased.
Occasionally the Rio Grande Foundation makes a good point and this is one of them. However their link to the LFC report didn’t take me anywhere so I wasn’t able to read it and confirm their assertions.