RPD-41381: RPD-41381 Application for Film and Television Tax Credit (Productions prior to July 1, 2019) (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
New Mexico Form RPD-41381 is an application for the film and television tax credit for projects that began principal photography on or after January 1, 2016, but before July 1, 2019. It reports qualifying production and postproduction expenditures, eligible payments for nonreside
Who files this form
Form RPD-41381 is for a film production company applying for the film and television tax credit for an approved project that began principal photography on or after January 1, 2016, but before July 1, 2019.
The company must first register its project with the Film Office of the New Mexico Economic Development Department (EDD) for verification of eligibility.
For an eligible project that began principal photography before January 1, 2016, use Form RPD-41229 instead.
What you'll need
Include these supporting documents with the application:
- A copy of the New Mexico Film Office approval.
- A copy of the project's final cost-accounting summary, showing New Mexico costs for each line item.
- The name, address, Social Security number and amount paid for every New Mexico resident whose qualifying payments you are claiming.
- If the company obtained Type 16 nontaxable transaction certificates (NTTCs), a list of everyone who received one. Include each recipient's name, address, New Mexico Business Tax Identification Number, if applicable, and the dollar amount of purchases.
- If the requested credit exceeds $5,000,000, audit results from a certified public accountant licensed in New Mexico verifying that the expenditures meet the Act's requirements.
- Contact information for the person responsible for permanent application records, if different from the contact listed on the form.
If the company uses a vendor that provides services, does not sell or lease standard industry craft inventory, and outsources inventory from out-of-state businesses, provide documentation of reasonable efforts to find a specialized vendor.
New Mexico residents must complete Form RPD-41271, Declaration of Residency. Keep these forms in the company's records.
To claim an approved credit on a tax return, attach Form RPD-41228, including Schedule A, and complete the applicable tax credit schedule.
How to file
Apply for approval
- Register the project with the New Mexico Film Office for eligibility verification.
- Complete Form RPD-41381. Enter the company and contact information, taxpayer identification number, and project title exactly as shown on the Film Office registration form.
- Enter qualifying expenditures in column 1 and calculate the credits in column 2 using the rates shown for each line. Add column 2, lines 1 through 6, and round the total on line 7 to the nearest whole dollar.
- Sign and date the application and enter the signer's title.
- Submit the application to EDD. After EDD confirms that the company has met its obligations, the completed application goes to the Taxation and Revenue Department (TRD) for credit approval.
Claim the approved credit
Attach completed Form RPD-41228, including Schedule A, to the appropriate New Mexico income tax return filed after the close of the tax year. Complete the applicable tax credit schedule.
Submit the complete return and required documents through the Taxpayer Access Point (TAP), https://tap.state.nm.us, or mail them to:
New Mexico Taxation and Revenue Department
Attn: Business Credit Claim Unit
P.O. Box 630
Santa Fe, NM 87502-0630
For questions or to provide supporting documentation, email BusinessCredit.Mgr@tax.nm.gov.
Common mistakes
- Including excluded expenses. The instructions remind applicants to exclude expenditures covered by a Type 16 NTTC, expenditures not subject to New Mexico tax, and expenditures for which another taxpayer claims the film production tax credit.
- Claiming expenses not directly tied to New Mexico production. The instructions emphasize that expenditures must be directly attributable to film production in New Mexico and subject to New Mexico taxation.
- Leaving Form RPD-41228 or Schedule A off the tax return. The instructions warn that failure to attach the required claim form will result in denial of the credit claim.
- Using a credit that is not yet payable to cover tax due. If the amount requested is not eligible for immediate payment, TRD will bill you for the unpaid tax liability, and interest may apply.
Questions people ask
What is the basic credit rate?
The basic credit equals 25% of eligible direct production and postproduction expenditures made in New Mexico. Additional credits may be available when their requirements are met.
Can I receive both additional 5% credits?
No. A company applying for the additional credit for television pilots and series is not eligible for the additional credit for qualified production facilities.
What if the same expenses qualify for the federal new markets tax credit?
The New Mexico credit rate for those expenditures is limited to 20%, including productions that would otherwise qualify for an additional credit.
Can an approved credit be refunded?
Subject to the payment limitations, any credit exceeding the company's income tax liability for the tax year may be refunded. No interest is paid on refunds under the Film Production Tax Credit Act.
Where can I get help with the application?
Call (505) 795-1735 or email TRD-FilmCredit@state.nm.us.