For more than a decade, New Mexico, with its 25% tax rebate on all production expenditures, was the paragon state to beat. It has no minimum spending requirement and no cap.
Up until Michigan’s dramatic entry, no other state has come close to New Mexico’s cash-back enticements.
Six other states presently tempt producers with rebates, out of the 31 that offer varying amounts of tax and other incentives. The only state among these six without qualifiers is Minnesota’s straight-forward 15% cash rebate.
Mississippi’s 20-30%, however, depends upon the amount of money spent locally, and a 10% rebate on non- residential payroll.
Florida gives a 20% rebate during the off-season (winter months) and 15% the rest of the time.
Oklahoma allows 15% on projects with $500,000 budgets and $300,000 minimum state expenditures.
Tennessee’s 13% cash back is only on qualified below-the-line expenditures.
Colorado returns 10% to qualifying companies that spend 75% below-the-line dollars with Colorado business and 75% of cast and crew are Colorado residents.