Getting your player ready...
Albuquerque-The New Mexico State Investment Council is considering dropping interest-free loans to movie producers.
The council’s advisory committee recently recommended discontinuing the loan program because of the two loans it has made, one is in default.
Producers of “The Flock,” with Richard Gere, repaid their $2.3 million loan. But producers of “Bordertown,” with Jennifer Lopez, have gone into default on their $2.3 million loan.
The decision, if carried through, will not affect the state’s tax credit program for filmmakers. Under that program, the State Taxation and Revenue Department refunds film producers 25 percent of production costs.
