Ernst & Young: NM film Incentives = Good ROI

by Megan Kamerick, NMBW Staff

The film industry and its supporters in New Mexico are most likely breathing a sigh of relief.

The long-awaited study by Ernst & Young on the economic return by the state’s film and media incentives found that for every $1 extended in state tax credits, state and local governments received $1.50.

Gov. Bill Richardson made the announcement Friday and said the state’s incentives to attract film and television productions have created high-quality jobs, health coverage and benefits for New Mexico workers.

To read the full article, click here!

Highlights of the New Mexico Film Tax Incentive Program Study

crewnewmexico.com is proud to relay the following press release from the office of Governor Bill Richardson. We told you. . .

New Study of Film Industry Incentives Show Strong Job and Revenue Creation for New Mexico

SANTA FE- A new study released today shows that New Mexico’s film industry tax incentives are delivering impressive economic and fiscal results for the state and its workers. The study, using the year 2007 as a base measure, was conducted by Ernst & Young, one of the world’s largest professional service firms. Results showed that combined New Mexico’s state and local governments garner a positive 1.5 return on investment on the tax credits extended to companies producing films in the state, or $1.50 for every $1 extended in state tax credits.

“I am pleased at the results of today’s study. Not only are we are seeing a net gain to state and local tax revenues as a result of these incentives to attract these film and television productions, but we are also creating high quality jobs with health coverage and benefits for the people of our state,” Governor Bill Richardson said. “This is a successful initiative worthy of our continued support, especially in these difficult economic times.”

According to the Ernst & Young study:

· New Mexico has a 1.5 return on investment on combined state and local taxes.
· Film production activities in New Mexico created 2,220 direct film and media jobs in 2007
· 3,769 direct jobs from capital expenditures and projected film tourism spending were attributable to productions in 2007.
· 5,989 direct jobs attributable to the film production tax credit in 2007 created a total of 9,210 total jobs in New Mexico
· Average annual salary of film technicians: $49,000
· Average annual salary of New Mexicans just over $30,000
· Over 200 new film-specific businesses established in New Mexico since 2003, directly attributable to the film production tax credit.
· Over 600 additional New Mexico businesses are benefiting from film activities.

The film production incentives were expanded in 2003 at the urging of Governor Bill Richardson, who predicted at the time that it would create good jobs for New Mexicans and diversify our state’s economy.

The Quantitative Economics and Statistics (QUEST) of Ernst & Young authored the study of New Mexico’s film production incentives. This multidisciplinary practice combines business and industry experience with capabilities including federal, state, and local tax policy analysis and revenue estimation; economic development strategy and targeting; and economic and fiscal impact modeling. QUEST also provides analyses to effect legislation and regulatory change, relying on its team of respected tax economists and statisticians to produce quantitative studies of a variety of federal and state issues.
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crewnewmexico.com is New Mexico's Premier Film Industry Resource. Click here for information about the New Mexico Film Incentive Program. For our comment, contact crewnewmexico.com at (505) 930-0443, or info@crewnewmexico.com

New Mexico Film Tax Incentive Study is Ready

The State of New Mexico "Economic and Fiscal Impacts of the New Mexico Film Production Tax Credit" report is ready.

The State Film Office, the film unions, and film professionals agreed last year to conduct an intensive study on the fiscal impact that the film incentives, and the resulting production, have on the State. This report is now ready.

It was our contention that the Tax Incentives are an economic boost to the state, and this study has confirmed just that. Please read, and let us know if you have any questions. We'll be following up with a more detailed commentary.

The report is available by clicking here.

ReelzChannel Job Fair a Huge (Overwhelming) Success

REELZCHANNEL DRAWS THOUSANDS AT JOB FAIR TO BUILD TALENTED WORKFORCE FOR NEW CORPORATE HEADQUARTERS

Network Relocates to Albuquerque and Creates New Jobs for Producers, Writers, Editors & More to Make "TV About Movies"

ALBUQUERQUE, NEW MEXICO [January 15, 2009] - ReelzChannel® - TV About Movies™, the only cable/satellite network and website dedicated to everything about movies, drew thousands of talented individuals to a popular and productive job fair held this week in Albuquerque, New Mexico, the site of the network's new corporate headquarters beginning in early 2009.

Nearly 3,000 people thronged to the all-day event, lining up to meet with ReelzChannel's senior network executives and apply for positions in areas ranging from entry-level administrative jobs to creative and managerial posts in a variety of areas.

In the new location, television programming, website development, creative services, and marketing and communications will all be housed in one facility for the first time since the network launched in September 2006.

ReelzChannel was impressed by the high-caliber group of people who participated in the event. As a result of the Job Fair's success, the network is now confident that it can fill up to 80 percent of the 100 new positions being created by the relocation to the new facility with a workforce experienced in making and marketing television. New Mexico is below the national unemployment rate and has a rich talent pool, so this far exceeds the network's prior projections of a 30 percent fill rate, according to Stan Hubbard, Chairman and CEO of ReelzChannel.

Click HERE to see the whole article.

New Mexico Business Resources

It is our goal to develop and foster the growth of film-supporting businesses through education, outreach, business development, and plain old powerful advertising and marketing. To that end, we've got a collection of resources in our Filmmaker Resources section of our website with links to business supporting organizations across the state. Please have a look at our list here, and contact any of these groups as you develop or launch your new venture. The list is by no means exhaustive, but it is a good starting point.

You're also welcome to call us here at crewnewmexico.com (505) 930-0443, and we'd be happy to work with you to develop your branding and marketing plan, as well as discuss ways to get the word out on what you do. crewnewmexico.com receives nearly 5,000 visitors to our site per month, and if you do, or want to do, something film related, we're the best outreach tool available.