Other states are waking up to the fact that film subsidies simply don’t bring in enough jobs and revenues to justify the massive expenditures of taxpayer dollars. According to this article from Businessweek:
Kansas and New Jersey have suspended their tax credits. Rhode Island has capped subsidies at $15 million annually, and Wisconsin’s are set at a measly $500,000 a year. Arizona’s program is set to expire on Dec. 31. Larry Brownell, head of the Association of Film Commissioners International, which represents 41 of the 42 states offering credits, predicts half the states will shelve their programs within a decade.
Given our $400 million deficit, it would seem that it is high time for New Mexico to at least cap its film program.