Unlock the Benefits: Demystifying New Mexico Film Incentives
By ERMW Team
Thurs September 14, 2023
Discover the power of New Mexico's film incentives and take your film and TV projects, and other media projects to new heights. Learn how to maximize your tax credits and savings while filming in the Land of Enchantment.
TAX INCENTIVES AT A GLANCE
Base Credit Amount: 25%
Rural Uplift Zone Amount: 10%
Qualified Production Facilities (QPF) Amount: 5%
Series TV and Standalone Pilots Intended For Series Amount: 5%
Maximum credit amount: 40% (QPF & TV cannot be stacked)
New Mexico, also known as the "Land of Enchantment," boasts a captivating landscape and a thriving film industry. Filmmakers around the world are flocking to this state to take advantage of its Film Production Tax Credit. This credit provides a refundable tax credit of up to 40% on qualified expenditures incurred during production.
With careful planning and adherence to the program's guidelines, filmmakers can significantly reduce their production costs and invest those savings back into their projects. Moreover, the state's Film Production Tax Credit extends to qualifying post-production expenses, making it a desirable destination for editing and visual effects work as well.
WHAT TYPE OF PROJECTS MAY QUALIFY?
Feature films
Independent films
Television (MOW, pilots, series, reality)
Certain Commercials and EPKs
Documentaries
Student Films
Short films
Animation
Video games
Music videos
VR
Multi-Media
New Media
Standalone Post Production
To ensure an efficient and seamless application process, it is crucial for filmmakers to familiarize themselves with the necessary guidelines and requirements. The New Mexico Film Office serves as a valuable resource, providing detailed information about eligibility criteria, application procedures, and deadlines. By leveraging this knowledge, filmmakers can effectively navigate through the process and maximize their chances of availing the incentives.
WHAT YOU NEED TO APPLY
BEFORE YOU BEGIN FILMING/WORK ON YOUR PROJECT, REGISTER YOUR PRODUCTION COMPANY TO DO BUSINESS IN THE STATE OF NEW MEXICO!
Once registered, you must complete and send the documents below to the New Mexico Film Office (links to current forms are on NMFO site) at least 30 calendar days before the principal photography/audiovisual media/stand-alone post begins:
NMFO PROJECT REGISTRATION FORM
APPLICATION for NEW FILM PRODUCTION TAX CREDIT
BUSINESS TAX REGISTRATION (BTRU) or business registration certificate
TAX INFORMATION AUTHORIZATION (TIA)
SAFETY ACKNOWLEDGEMENT
PRESS RELEASE QUESTIONNAIRE
SCRIPT
PRODUCTION ONE-LINER AND/OR LIST OF FILMING LOCATIONS (CITY ONLY) AND DATES
PROOF OF FUNDS
BUDGET TOP SHEET
FILM CREW ADVANCEMENT PAPERWORK (FCAP)
PROOF OF MEDIA BUYS (Commercials Only)
LETTER OF CERTIFICATION AND PRE-PRODUCTION MEETING
AFTER WRAP
Within 60 days of the last eligible expenditure in New Mexico: complete and submit the following to nm.film@nmfilm.com, (links to current forms are on NMFO site).
COMPLETION OF PROJECT NOTICE
FINAL VENDOR LIST (in EXCEL FORMAT)
FINAL CREW LIST (in EXCEL FORMAT)
STATS FORM
TAX CREDIT APPLICATION
Within one year of the last eligible expenditure in New Mexico, Complete and submit the following to nm.film@nmfilm.com
CONFIRMATION OF NO FINANCIAL OBLIGATIONS
NRCE/GIVEBACK
GIVEBACK CONFIRMATION
TAX CREDIT APPLICATION
PHOTOS
END CREDIT SCREENSHOT with NMFO logo and language
Overall, New Mexico's film incentives offer an exciting opportunity for filmmakers to bring their projects to life with greater ease and financial benefits. The $110 million per fiscal year payout is now increased to an eventual $160 million in $10 million increments per fiscal year. By taking advantage of the Film Production Tax Credit, employing local crew members, and exploring the state's stunning locations, filmmakers can maximize their production budgets.
Shuler Theatre in Raton, New Mexico