New Mexico Shoulders Full Burden

In a departure from prior subsidy requirements, New Mexico is fully financing the production budget for Treasure Entertainment's "High Midnight" reports Variety. While the state subsidy program, which includes an interest-free loan program, a 20% tax credit, some free shooting locations, and reduced labor costs, does require distribution -- "Midnight" will be guided by ThinkFilm -- it had also required some equity capital from the producers as well. The full coverage may be due to the size of the loan -- $5 million -- versus the new cap -- $15 million up from $7.5 million.

New Mexico has been aggressive in seeking to attract more production to its state, arranging for easy scouting trips, providing rebates and loans and guiding filmmakers through the process created with the advice of entertainment lawyer Peter Dekom. In return for an interest-free loan, the state receives 10% to 11% of any profits. For more info on the program, see the New Mexico Film Office website.