RPD-41391: RPD-41391 Application for New Film Production Tax Credit (Productions starting July 1, 2019 and prior to July 1, 2023) (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
Form RPD-41391 is an application for New Mexico’s New Film Production Tax Credit for film projects that began principal photography on or after July 1, 2019, but before July 1, 2023. It reports qualifying production and postproduction expenditures and the credit amounts claimed.
Who files this form
Film production companies may use RPD-41391 to apply for the New Film Production Tax Credit for an approved project that began principal photography on or after July 1, 2019, but before July 1, 2023.
The project must first be registered with the Film Office of the New Mexico Economic Development Department (EDD) for verification of eligibility. For productions that began principal photography before July 1, 2019, the form directs companies to use RPD-41381 instead.
When it's due
For this 2024 version, the application deadline is based on the project's expenditures, not a fixed calendar date. Submit the application within one year of the last direct production expenditure or last postproduction expenditure in New Mexico for the registered project that is included in the credit claim.
The text does not print a fixed filing date for tax year 2024.
What you'll need
Submit the completed application and the supporting records that apply to your claim:
- Film Office approval: The Tax Credit Approval Memo from the New Mexico Film Office.
- Expense records: Account ledgers in Excel format for each expense account claimed, matching the application totals.
- New Mexico payroll: A system-generated payroll report in Excel, payroll registers for each employee claimed, a Declaration of Residency, and valid New Mexico identification for each New Mexico employee claimed.
- Super Loan Outs and direct-hire talent: A system-generated payroll report in Excel and invoices or payroll registers.
- Accounts payable, petty cash, and journal entries: Excel account ledgers, itemized invoices or receipts, and itemized contracts or lease agreements.
- Nonresident crew exception: The Film Office Giveback Spreadsheet, an account ledger matching the application, and payroll registers or a payroll earnings report.
- Postproduction: An Excel account ledger, itemized invoices or receipts, and payroll registers for each employee claimed.
- Additional 5% credits: Separate Excel ledgers for each additional credit claimed, itemized invoices or receipts, itemized contracts or lease agreements, and payroll registers for each employee claimed.
- Authorization, if applicable: Form ACD-31102, Tax Information Authorization Tax Disclosure.
If someone other than the listed contact maintains the permanent records, attach that person's contact information. The Department may request additional documentation.
How to file
Apply for approval
- Register the project with EDD's Film Office for verification of eligibility.
- Complete RPD-41391 using the project title shown on the Film Office registration form. Complete the expenditure and credit calculations and answer all nine questions in Section II.
- Have an eligible corporate officer, partner, fiduciary, or authorized representative sign and date Section III.
- Submit the application to EDD. After EDD confirms that the company's obligations have been met, the completed application and required documentation are submitted to the Taxation and Revenue Department (TRD) for approval.
For application assistance, call (505) 795-1735 or email TRD-FilmCredit@state.nm.us.
Claim an approved credit on a return
After approval, attach RPD-41228, including Schedule A, to the appropriate completed New Mexico return: PIT-1, CIT-1, S-Corp, or FID-1. Also complete the corresponding tax credit schedule: PIT-CR, CIT-CR, S-Corp-CR, or FID-CR. The return is filed after the close of the tax year.
Submit the complete return and required documents through Taxpayer Access Point (TAP) 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 supporting documentation related to the return claim, email BusinessCredit.Mgr@tax.nm.gov.
Common mistakes
- Leaving out required documentation. The application is not considered complete until all required documentation is submitted.
- Including expenses that are not directly attributable to New Mexico film production or subject to New Mexico taxation. The text specifically reminds applicants that both conditions must be met.
- Expecting the Department to discuss the account with an unlisted person without authorization. A Tax Information Authorization Tax Disclosure is required for anyone other than those listed on page 1.
- Omitting RPD-41228 or Schedule A from the tax return. Failure to attach the required claim form results in denial of the credit claim.
- Assuming an approved credit will immediately cover the tax due. If the requested credit cannot be paid immediately, you will be billed for the unpaid tax and may owe interest.
Questions people ask
What is the basic credit percentage?
The basic credit is 25% of eligible direct production and postproduction expenditures made in New Mexico. For expenditures that also receive a federal new markets tax credit, the New Mexico credit is limited to 20%, including productions that would otherwise qualify for additional credit.
Can I claim both the television and qualified production facility additional credits?
No. The additional 5% credit for television pilots and series cannot be combined with the additional 5% credit for qualified production facilities.
Does approval of RPD-41391 finish the claim process?
No. After approval, you must attach RPD-41228, including Schedule A, to the appropriate New Mexico income tax return and complete the corresponding tax credit schedule to request authorization for payment.
Can the credit be refunded?
Subject to the stated limitations, credit authorized for payment may be applied to tax due. If it exceeds the company's income tax liability for the tax year, the excess may be refunded. No interest is paid on refunds under the Film Production Tax Credit Act.