FILM AND TELEVISION COMPANIES THAT PRODUCED THEIR PROJECTS IN NEW MEXICO ARE STARTING TO SEE SOME OF THEIR TAX CREDITS COMING THROUGH. THE 50-MILLION DOLLAR A YEAR CAP ON PAY OUTS MEANT MANY PRODUCERS WERE LEFT WAITING FOR THEIR MONEY.
NOW THE STATE DEPARTMENT OF TAX AND REVENUE IS BEGINNING TO REDUCE THE OUTSTANDING DEBT BY PAYING OUT 100-MILLION DOLLARS TO APPROXIMATELY 100 PRODUCTION COMPANIES.
ON JULY FIRST, THE ANNUAL CAP ON PAY OUTS IS GOING UP TO 110-MILLION DOLLARS FOR QUALIFIED EXPENDITURES.
