RIO RANCHO, N.M. — For years, the Rio Grande Foundation has attempted to educate New Mexicans on the bad economics of film subsidies.
The program began under then-Gov. Gary Johnson was enhanced by then-Gov. Bill Richardson when he and the legislature made it state policy to return 25 cents for every dollar spent in the state to the film industry.
The amount that could be spent in support of the film industry operating in New Mexico was uncapped during the Richardson administration. That situation was partially resolved during the Susana Martinez administration, when a $50 million annual cap was placed on payouts, but subsidies could and did accumulate above that amount.