SANTA FE, N.M. — While Albuquerque has been named as Netflix's newest production hub, those in the industry say the benefits are likely to reach all parts of New Mexico.

The venture is projected to deliver $1 billion in production spending in New Mexico over the next decade and thousands of jobs, officials said.

With Netflix pledging to spend $100 million a year in production, and the state paying back at least 25 percent of production expenditures through its rebate program, Netflix will gobble up roughly half the $50 million maximum each year.

State Sen. Jeff Steinborn, D-Las Cruces, who is president of the nonprofit Film Las Cruces, said the need to reckon with the state's so-called incentive cap — a $50 million annual maximum on the rebates the state can pay out to qualifying film producers — would now become a priority in the next legislative session.

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