Form Rpd-41228 - Film Production Tax Credit Claim Form - Taxation And Revenue Department

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RPD-41228
Rev. 07/2007
State of New Mexico - Taxation and Revenue Department
FILM PRODUCTION TAX CREDIT CLAIM FORM
ABOUT THIS CREDIT:
The film production tax credit, Section 7-9F-1 NMSA 1978, provides a credit for an eligible film production company. The amount
of the credit is equal to 25% of direct production and direct postproduction expenditures made in New Mexico that are subject
to taxation by the State of New Mexico. Direct production expenditures must be directly attributable to the production in New
Mexico of a film or commercial audiovisual product. A 20% credit rate applies for expenditures for which the taxpayer receives
a new markets tax credit from the federal government. Important: direct production expenditures must be directly attributable to
film production in New Mexico and both direct production and post production expenditures must be subject to taxation by the
State of New Mexico. The film production tax credit may not be claimed for expenditures for which the film production company
has delivered a nontaxable transaction certificate pursuant to Section 7-9-86 NMSA 1978.
To be eligible for the film production tax credit, a film production company must first be approved by the New Mexico Film Division
of the Economic Development Department. To apply for eligibility contact the Film Division at (505) 476-5600 or (800) 545-9871.
Once approved by the New Mexico Film Division, the company may apply for the credit by submitting a completed form RPD-
41229, Application for Film Production Tax Credit, to the Taxation and Revenue Department. The Department may approve the
film production tax credit and issue a document granting all or part of the tax credit.
RECENT CHANGES: Effective July 1, 2007, the 25% rate of credit becomes permanent, rather than dropping to 20% in tax year
2009.
HOW TO USE THIS FORM:
An approved film production company may apply all or a portion of film production tax credits approved by the Taxation and Revenue
Department against personal income tax liability or corporate income tax liability. When claiming an approved film production tax
credit, this claim form must accompany the PIT-1, CIT-1, PTE, or FID-1 return to which the taxpayer wishes to apply the credit.
If the amount of the film production tax credit exceeds the film production company's income tax liability for the tax year in which
the credit is being claimed, the excess shall be refunded.
INSTRUCTIONS FOR COMPLETING THE FILM PRODUCTION TAX CREDIT CLAIM FORM:
Enter the name and taxpayer identification number of the approved film production company and the New Mexico Taxation and
Revenue Department approval number from form RPD-41229, Application for Film Production Tax Credit . Enter the report period
of the New Mexico income tax return for which you wish to claim the credit and check the type of New Mexico income tax form
filed. Enter the amount of film production tax credit claimed on this form and on the appropriate income tax form.
Attach this claim form to your income tax return and mail to New Mexico Taxation and Revenue, Attn.: Jerry Montoya, P.O. Box
630 Santa Fe, NM 87504-0630. For assistance call (505) 827-0929 .
RETURN BOTTOM PORTION WITH YOUR RETURN AND PAYMENT
New Mexico Taxation and Revenue Department
RPD-41228
FILM PRODUCTION TAX CREDIT CLAIM FORM
Rev. 07/2007
Name of Approved Film Production Company
Taxpayer Identification Number (SSN or FEIN)
Approval Number
REPORT PERIOD
AMOUNT OF FILM PRODUCTION TAX CREDIT CLAIMED
.
,
,
$
through
Month
Day
Month
Day
Year
Year
*Enter same report period as entered on your attached tax form.
Signature of Taxpayer or Agent _______________________________________________ Title __________________________________ Date ______________________
I declare that I have examined this return including any accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and
complete.

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