RPD-41380: RPD-41380 Notice of Assignment of Film Production Tax Credit (Revision 2023-04)
New Mexico · New Mexico TRD · Used for tax years 2024, 2025, 2026
Form RPD-41380 notifies the New Mexico Taxation and Revenue Department that a film production company has assigned all or part of an approved film production tax credit to a third-party financial institution or an authorized third party. It reports the assignment and authorizes t
Who files this form
A film production company must use Form RPD-41380 to report the assignment of all or part of an approved film production tax credit to a third-party financial institution or an authorized third-party.
The financial institution or authorized third-party must be verified in advance by the New Mexico Film Office. This notice allows the Taxation and Revenue Department (TRD) to pay the assigned credit to that party.
What you'll need
Prepare the following:
- The film production company’s income tax return claiming the approved credit.
- Form RPD-41228, Film-Related Tax Credit Claim Form, including Schedule A.
- Form RPD-41380 with the company’s and recipient’s names, taxpayer identification numbers, phone numbers, contact names and email addresses, plus the recipient’s mailing address.
- The amount to assign, stated as a fixed amount or a percentage of the total approved credit.
- The company’s authorized signature, date and title as shown on its New Mexico Film Office registration form.
If the recipient requests direct deposit, they must also provide their bank routing number, account number, account type, an answer to the foreign-account question, and their authorized signature and date.
How to file
- Before filing Form RPD-41228, coordinate the assignment notice with TRD’s Business Credit Processing Unit at (505) 827-0792 or BusinessCredit.Mgr@state.nm.us.
- The film production company completes the “Assigned by” and “Assigned to” sections, states the amount or percentage assigned, and signs the notice. TRD completes the “Film production tax credit assigned” section.
- If requesting direct deposit, the recipient completes all Refund Express fields and signs the notice.
- Submit Form RPD-41380 with the company’s income tax return claiming the approved credit. Also attach Form RPD-41228, including Schedule A.
The notice lists these delivery options:
Mail:
New Mexico Taxation and Revenue Department
Attn: Business Tax Credit Claim Processing Unit
P.O. Box 630
Santa Fe, NM 87504-0630
Email: BusinessCredit.Mgr@state.nm.us
Common mistakes
- Leaving out the assignment notice. Failure to attach it can result in the credit being paid to the film production company instead of the recipient.
- Trying to assign the credit again. An approved credit can be assigned only once and cannot be further transferred or assigned.
- Leaving Refund Express fields blank. All fields are required, including the account type and Question 4 about accounts outside the United States. Missing information results in a paper check instead of direct deposit.
- Choosing direct deposit when Question 4 is “yes.” If the refund will go to or through an account outside the United States, use a different bank account or leave Refund Express blank to receive a paper check. An incorrect answer may cause the refund to be delayed, rejected or frozen.
- Entering incorrect bank details. Verify the routing and account numbers. The routing number must have nine digits and begin with 01 through 12 or 21 through 32. Do not include the check number in the account number.
- Not checking whether the bank will accept the deposit. Confirm that the bank will accept a direct deposit payable to the name on the income tax return. TRD will mail a paper check if the bank does not accept the Refund Express information.
Questions people ask
Can I assign only part of the approved credit?
Yes. You may assign all or part of the approved credit. State either a fixed amount or a percentage of the total approved credit.
Who qualifies as an authorized third-party?
An authorized third-party is an entity that holds the rights to the film for which the credit may be claimed and initiates that film’s production. The Film Office must verify the entity in advance.
What counts as a financial institution for this assignment?
It can be a fund purposely created to produce a film, or a bank, savings institution or credit union organized or chartered under New Mexico or United States law that files a New Mexico income tax return. The Film Office must verify it in advance.
Does Refund Express guarantee an earlier refund?
No. The form says Refund Express does not guarantee an earlier refund, only that the payment will reach the bank more quickly once issued.
Where can I get help claiming the credit?
Email BusinessCredit.Mgr@state.nm.us or call (505) 827-0792.