Prior to the 2023 New Mexico legislative session the state was known for having some of the most generous film subsidies in the nation with taxpayers reimbursing film production companies for anywhere from 25 to 35 percent of their expenses in New Mexico.
During the recently-completed session the cap on film spending was increased and some films will be able to get up to 40% of their costs reimbursed through the addition of another 5% subsidy for filming outside of Albuquerque and Santa Fe.
Now, we have the announcement that Mayor Tim Keller has finally received funding for his dream of at least partially restoring the Rail Yards building. How? What else, more subsidies for the film industry (albeit somewhat indirectly). In this case $40 million was set aside during the 2022 session for a so-called New Mexico Media Academy in 2022.
Will the $20 million in capital outlay money be enough to get the Rail Yards building into shape as a school? We have no idea and fully expect more $$ to be allocated to that effect. And, of course there will be ongoing subsidies (like the other $20 million already allocated) for the ongoing operation of the new school.
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