Mexico's President Felipe Calderon announced on February 9, 2010 that he had approved a decree establishing new incentives for the film industry in Mexico. The highlight of the new incentive program is a proposed refund of up to 7.5% of amounts spent by filmmakers in Mexico for movie productions with expenditure of at least $70,000,000.00 Pesos in Mexico. When added to available state incentives and the refund of value added tax upon "export" of a movie, the total value of an incentive package could be approximately 28% of the amount spent in Mexico for production(Note: state incentives vary on a state by state basis.).