Arizona to offer $125 million in film and TV tax breaks

Movie manufacturing has boomed in states outdoors of California and New York during the last decade, largely as a consequence of extremely beneficiant tax breaks — some as excessive as 30%. Arizona has formally signed on to its personal Hollywood deal.

Driving the information: Arizona, with its $125 million in breaks that Gov. Doug Ducey signed into regulation Wednesday, joins a small record of states providing nine-figure tax breaks, together with New Mexico, Louisiana, Connecticut, New Jersey, Illinois and Georgia.

• And naturally, New York and California, every of which handed out greater than $400 million in tax credit in 2021.
• Georgia presents essentially the most, gifting away $1.2 billion in tax credit final yr.

Particulars: The Arizona Movement Image Manufacturing Program will supply $75 million in 2023 and enhance to $125 million by 2025, in keeping with the invoice, HB 2156.

In the meantime: Arizona’s japanese neighbor New Mexico has emerged as a manufacturing hub itself.

• Each Netflix and NBCUniversal dedicated $2.5 billion between them to supply content material within the state, which has been the house for AMC’s “Breaking Dangerous” and “Higher Name Saul.”
• New Mexico presents among the many highest tax breaks, with some productions getting as a lot as 35%. Arizona targets 15-20% in credit.

Of notice: This isn’t the primary time Arizona has had a movie tax credit score program. It had a previous one from 2005 to 2010, when it was scrapped after the state reported hundreds of thousands in losses.