RPD-41418: RPD-41418 Application for New Film Production Tax Credit (Productions starting July 1, 2023) (Revision 2023-09)
New Mexico · New Mexico TRD · Used for tax years 2024, 2025, 2026
Form RPD-41418 is New Mexico’s application for the New Film Production Tax Credit for film projects that begin principal photography on or after July 1, 2023. It reports qualifying production and postproduction expenditures and the credit amounts claimed.
Who files this form
Form RPD-41418 is for a film production company applying for the New Film Production Tax Credit for an approved project that begins principal photography on or after July 1, 2023.
The company must first register the project with the New Mexico Economic Development Department's Film Office so the office can verify eligibility. This is an application for a credit, not a filing requirement for every film production company.
What you'll need
Gather the following for your application:
- Completed Form RPD-41418.
- The New Mexico Film Office's tax credit approval memo.
- Account ledgers in Excel format for each expense account claimed. The ledgers should match the application.
- New Mexico Film Office approval for the Non-Resident Crew Exception, if claimed.
- A completed CPA report when a CPA review is required.
- Form ACD-31102, Tax Information Authorization Tax Disclosure, if applicable.
- Contact information for the person responsible for permanent records, if different from the application contact.
The form also asks whether you have Declarations of Residency and valid New Mexico identification cards for all New Mexico residents claimed. Keep completed Forms RPD-41271, Declaration of Residency, in the company's records.
TRD may request additional documentation.
How to file
Apply for approval
- Register the project with the New Mexico Film Office for eligibility verification.
- Complete Form RPD-41418. Use the project title shown on the Film Office registration form, complete the expenditure and credit amounts in Section I, and answer all nine questions in Section II.
- Have Section III signed and dated by a corporate officer, partner or fiduciary previously identified to TRD, or an authorized representative with authority to receive federal and state confidential tax information.
- Submit the application to EDD. After EDD confirms that the company has met its obligations, the application and supporting documentation go to TRD for review.
Claim the approved credit
After approval, attach Form RPD-41228, including Schedule A, to the appropriate completed New Mexico income tax return filed after the close of the tax year. Complete the applicable tax credit schedule: PIT-CR, CIT-CR, S-Corp-CR or FID-CR.
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
These TAP and mailing directions are for the tax return claiming the credit, not the initial application.
Common mistakes
- Sending an incomplete application. All required supporting documentation must be submitted before the application is considered complete.
- Claiming expenses that do not meet the basic rules. The text emphasizes that expenditures must be directly attributable to film production in New Mexico and subject to New Mexico taxation.
- Expecting TRD to discuss the account with someone not listed on page 1 without authorization. A Tax Information Authorization is required for those discussions.
- Leaving Form RPD-41228 or Schedule A off the income tax return. The text warns that failure to attach the claim form will result in denial of the credit claim.
- Assuming the credit will immediately pay the tax due. If the amount requested cannot be paid immediately, you will be billed for the unpaid tax liability and may owe interest.
Questions people ask
What is the basic credit rate?
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 any additional credit.
Can I claim both the television and production facility additional credits?
No. A company applying for the additional 5% credit for television pilots and series is not eligible for the additional 5% credit for qualified production facilities, and vice versa.
How long does TRD have to review a completed application?
TRD will make a determination within 120 days after the completed application is filed. If approved, the applicant receives a document granting the credit.
Can the credit be refunded?
Subject to limitations, the credit authorized for payment may be applied to tax due. Any amount 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 application help or check its status?
Call (505) 795-1735 or email TRD-FilmCredit@state.nm.us.