Producers of the western movie "Rust" may have to forgo a robust economic incentive as they try to sell the film to distributors and fulfill financial obligations to the immediate family of a cinematographer who was fatally shot by Alec Baldwin during rehearsal in 2021.for incentives worth as much as $1.6 million, according to documents obtained by The Associated Press. A late July deadline for producers to appeal the decision is approaching.
Terms of the settlement are confidential, but producers say finishing the film was meant to honor Hutchins' artistic vision and generate money for her young son. The state's film incentives program is among the most generous in the nation, offering a direct rebate of between 25% and 40% on an array of expenditures to entice movie projects, employment and infrastructure investments. As a percentage of the state budget, only Georgia pays out more in incentives.
Charlie Moore, a spokesperson for the New Mexico Taxation and Revenue Department, declined to comment specifically on the "Rust" application, citing concerns about confidential taxpayer information. Applications are reviewed for a long list of accounting and claim requirements. Spadone, the attorney for "Rust," said the denial of the application is "surprising" and could disrupt confidence in the tax program with a chilling effect on rebate-backed loans that propel the local film industry.
At least 18 states have enacted measures to implement or expand film tax incentives since 2021, while some have gone in the opposite direction and sought to limit the transferability and refundability of credit.
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