Hollywood leaving California for New Mexico tax incentives

It’s not just residents and tech companies fleeing high-taxes in California. Hollywood is now headed east to resume content creation. 

Movie and film studios are starting to move to New Mexico, or the so-called "tamalewood," in order to take advantage of its 35% tax incentive for the entertainment industry.

Major production companies like Netflix and NBCUniversal have both built studios in Albuquerque within the last year. Despite the pandemic, 26 film and 24 television projects have been produced in the state, according to New Mexico’s Economic Development Department.

The state’s economic development secretary told FOX Business’ Jeff Flock that they’re seeing "all-time records" in terms of revenue.

In 2021 thus far, New Mexico has reportedly rolled in $623 million from the entertainment industry.

"That's outside money coming into the state of New Mexico," according to Alicia Keyes.