FILE - Alec Baldwin attends the Roundabout Theatre Company's annual gala at the Ziegfeld Ballroom on Monday, March 6, 2023, in New York. New Mexico taxation authorities in April denied an application for tax incentives worth as much as $1.6 million to Rust Movie Productions, according to documents obtained by The Associated Press.
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. It includes a one-time option to assign the payment to a financial institution. That lets producers use the rebate to underwrite production ahead of time, often layering rights to the rebate and future movie income into production loans.
Documents obtained by AP show the New Mexico Film Office issued a memo in January to “Rust” that approved eligibility to apply for the tax incentive, in a process that involves accounting ledgers, vetting against outstanding debts and an on-screen closing credit to New Mexico as a filming location. Taxation officials have final say on whether expenses are eligible.
“They’re going to say, ‘Wait, are we going to New Mexico? They could deny the rebate,’” Walpole said. “They’re watching every penny.” Democratic state Sen. George Muñoz has criticized the incentive program and asked whether taxpayers should be responsible for unforeseen expenses.
Source: Entertainment Trends (entertainmenttrends.net)
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