RPD-41228: RPD-41228 Film-Related Tax Credit Claim Form (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
Form RPD-41228 is used to claim approved New Mexico film-related tax credits. It reports approved credit amounts, any amounts assigned, and the amounts to be applied to income tax or requested as a refund.
Who files this form
Film production companies use Form RPD-41228 to claim an approved film-related tax credit after receiving an approval letter from the New Mexico Taxation and Revenue Department (TRD). The form covers:
- Film Production Tax Credit
- New Mexico Film Production Tax Credit
- New Mexico Film Partner New Film Production Tax Credit
You must attach this form, with Schedule A completed, to a complete New Mexico income tax return to claim the credit. Assigning the credit to an authorized third party does not remove the production company's filing requirements.
An eligible third party assigned the credit may also request a refund on its PTE return.
What you'll need
Include these documents with your completed New Mexico income tax return:
- A copy of TRD's approval letter.
- Form RPD-41228, including completed Schedule A.
- The applicable tax credit schedule: PIT-CR, CIT-CR, S-Corp-CR or FID-CR.
- Form RPD-41380, Notice of Assignment of Film Production Tax Credit, if applicable.
- A Notice of Distribution of Film Production Tax Credit, if applicable.
To complete the claim form, have your FEIN or SSN, reporting-period dates, income tax before credits, and TRD approval details available. Schedule A asks for each credit's approval number, approval date, approved amount, assigned amount, amount applied to tax and amount requested as a refund.
How to file
- Complete the New Mexico return that corresponds to your required federal return: PIT-1 for Form 1040, FID-1 for Form 1041, PTE for Form 1065, CIT-1 for Form 1120 or S-Corp for Form 1120S.
- Complete a separate Schedule A row for each approved credit. For column (f), subtract columns (d) and (e) from column (c) to calculate the refund amount.
- Enter the reporting-period dates in mm/dd/yyyy format and the income tax before credits. Transfer the column (e) total to line 3 and the column (f) total to line 4.
- Attach Form RPD-41228, the applicable credit schedule and required supporting documents to your return.
- Submit the complete return through Taxpayer Access Point (TAP) or electronically using tax software approved by TRD.
Electronic filing and direct deposit are recommended. Corporate income tax returns are subject to an e-file mandate. The text refers readers to FYI-108 for exception or waiver details.
Common mistakes
- Leaving out the claim form or Schedule A. Failure to attach Form RPD-41228 with Schedule A completed will result in denial of the credit.
- Splitting a claim across returns or years. Claim the credit in full on the return for the year the expenses were incurred.
- Listing credits already claimed in full. Do not include them on Schedule A.
- Assuming an approved credit will immediately cover your tax. If the requested amount is not eligible for immediate payment, TRD will bill you for unpaid tax, and interest may apply.
- Skipping filing after assigning a credit. Assignment does not exempt the film production company from New Mexico filing requirements.
Questions people ask
Can I receive a refund if the credit exceeds my income tax?
Yes. Subject to limitations, the excess may be refunded. No interest is paid on the refunded credit.
What happens if the state's annual credit payment limit is reached?
The claim is placed in a queue for payment the following fiscal year, in the order the return was filed.
Can I assign my approved credit?
An approved credit may be assigned once, in full or in part, to an authorized third party or qualifying financial institution verified in advance by TRD. Use Form RPD-41380. The credit cannot be transferred or assigned again.
Can a PTE return be used to request a refund?
Only when the film production company has assigned payment to an eligible third party or financial institution using Form RPD-41380. That recipient may request the refund on its PTE return. A production company that is a PTE may instead distribute the approved credit to its owners to claim on their own returns.
Where can I get help with this form?
Call (505) 827-0792 or email BusinessCredit.Mgr@tax.nm.gov.