This success of productions like Yellowstone has pushed Texas lawmakers to court Hollywood film productions to shoot in their state. Texas is surrounded by states with generous incentives, including tax credits, to attract film and television production. In 2022, the entertainment industry contributed an incredible $1.5 billion to the economic growth of New Mexico, Louisiana, and Oklahoma. This is primarily from titles that were set in Texas. However, they could not be filmed there because of its inadequate incentive program.
According to The Hollywood Reporter, Texas legislators are courting these productions. On March 7, a new bill was presented to the state legislature that aims to enhance Texas’ existing grant program. This scheme will have no limitations. It is specifically intended for larger projects with budgets of at least $15 million.
If this proposal is approved, it would thrust the state into a prime position alongside other places that provide significant film and TV tax credits. New Mexico is quickly becoming a production powerhouse, with its attractive refundable tax credits of 25-35%. The proposed legislation in February would increase the uplift for filming in rural areas to 10%. It will also adjust the annual ceiling of the program by $10 million. This will keep up with industry growth and inflation. However, it will also ensure that New Mexico continues to be an appealing destination for filmmakers.
New Mexico has seen a boom in productions that Texas wants
To produce content for the next decade, Netflix and NBCUniversal have both allocated staggering amounts to build production studios in New Mexico: $2 billion and $500 million respectively. Joining them is 828 Productions from California, who will build a brand-new full-service film studio.
If the bill passes, Texas will face its greatest challenge from Georgia which has already earned a reputation as an ideal movie location. In 2023, Georgia showed no signs of slowing down when it offered a staggering $1.3 billion in tax credits–the most to date–despite its proposal earlier that year to limit its incentive program.
In Texas, public opinion on tax credits is gradually shifting as a result of Taylor Sheridan’s Yellowstone. This show provided an economic stimulus to the previously-sleepy town of Venus by bringing in money from tourists, catering services, and businesses providing lodging and transportation for production purposes.
Fort Worth could be the shining star of Hollywood in Texas. The city near Dallas could become the hub of Sheridan-verse. The Yellowstone creator currently has seven Texas-themed shows either in production or being developed. Of course, Sheridan is a proud Fort Worth native.
“My goal is for Taylor to move all of his TV and movie production to Texas,” Texas Lt. Gov. Dan Patrick said in February. “Working together, I think we can get it done.” In the same month, Mansfield officials approved a $70 million studio development undertaking that will include soundstage clusters to accommodate medium-to-large scale productions.