Recently, Gov. Martinez and the State Investment Council have won plaudits for changes they have made to the state’s film loan program. We too are encouraged by these needed reforms.
But, as Joe Henchman of the Tax Foundation writes in a new paper, New Mexico is just one of many states that have cut back dramatically — or eliminated entirely — subsidies for filmmakers. That $50 million could instead be applied to lower the corporate or personal tax rates for all New Mexicans, thus spurring sustainable economic development.