There are plenty of great incentives to film in New Mexico and the New Mexico film tax credit is one of the best. New Mexico continues to offer one of the most competitive film credit packages in the industry which includes a 25% or 30% Refundable Film Production Tax Credit and the Film Crew Advancement Program. KPM Film Credit Advisors can help you understand how the New Mexico film tax credits can apply to your TV or film production.
New Mexico Film Tax Credits and Information
|Type of Incentive||Tax credit; refundable; nontransferable|
|Benefit Details||25% of qualifying spend in state, with an additional 5% credit on direct expenditures for qualifying television series or on resident wages and fringes for productions that utilize soundstages for 10 or 15 days of principal photography.Post production costs incurred in state also qualify for 25% credit.|
|Minimum Local Spend||None|
|Loan-Out Company Considerations||Loan-outs must pay gross receipts tax in state and withhold for personal income tax.|
|Additional Exemptions||Sales & Use Tax Relief Available; Loan Program between $500,00 and $15,000,000|
|Qualified Production Expenditures||Incurred in State; In-State Vendors; Fringes Paid for Qualified Resident Labor. Contact us for more details.|
|Qualified Labor||Resident; Above the Line and Below the Line; Non Resident Performers with Loan Outs. Payments for the services of performing artists capped at $20,000,000. Contact us for more details.|
|Film Commission||New Mexico Film Office
Joseph M. Montoya Building
1100 Saint Francis Drive
First Floor, Suite 1213
Santa Fe, New Mexico 87505Nick Maniatis
The New Mexico Film Tax Credit Program
KPM Film Credit Advisors understand the New Mexico film tax credit program and can help you decide if New Mexico is the right state for your production. Contact us at (781) 849-5357 today and we can help you understand the NM film tax credit program and help you get the best film tax incentive available.
NOTE: This content has been prepared by Kevin P. Martin & Associates, P.C. for informational purposes only and should not be construed as tax advice or relied on for specific projects. Though every effort has been made to remain current, laws and incentives change and, therefore, this information may have been revised. Please contact us to confirm any laws or the effect of incentives on your project.