Gene Maddaus Senior Media WriterFor years, Arizona has watched with envy as New Mexico developed a thriving film economy thanks to a generous tax break.So now the state is getting in on the action.Gov.
Doug Ducey, a Republican, is expected to sign a bill this week creating a refundable tax credit equal to 15-20 percent of production expenses.
The credit will have annual cap rising from $75 million to $125 million over three years.“This is a good thing for Arizona,” said Jennifer Londgon, a Democratic state representative from Phoenix. “We’re tired of all of this creative talent driving through Arizona to get to New Mexico.”Across the state, industry stakeholders have been pushing lawmakers for years to create a film incentive to compete with other states.
New Mexico was among the first states to introduce a credit in 2003, and has used it to lure TV shows like “Breaking Bad” and “Better Call Saul.” The state recently doubled its cap to $110 million per year.
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