Form Rpd-41303 - Application For New Mexico Filmmaker Tax Credit (Page 2 of 2) in pdf

RPD-41303

STATE OF NEW MEXICO - TAXATION AND REVENUE DEPARTMENT

REV. 07/2005

Application for New Mexico Filmmakers Tax Credit Instructions

ABOUT THIS CREDIT: Beginning on January 1, 2005, the New Mexico

(f)

rental of facilities and equipment;

filmmakers tax credit provides a tax credit for an eligible film production

(g) leasing of vehicles;

company of 5% of certain direct production expenditures made in New

(h) food or lodging;

Mexico and directly attributable to the production in New Mexico of a

(i)

travel costs limited to airfare paid to a travel agency or travel company

television series. Direct production expenditures must:

with its primary place of business in New Mexico;

• be made in New Mexico;

(j)

insurance coverage and bonding to an insurance company or agency

• be subject to taxation by the State of New Mexico;

with its primary place of business in New Mexico, or

• include payroll to below-the-line crew of whom 60% are residents of New

(k) other direct costs of producing a film in accordance with generally

Mexico; (See the definition of New Mexico resident on this page)

accepted entertainment industry practice.

• be for equipment goods, services, vehicles or other property or services

Direct production expenditures exclude:

supplied by individuals or companies who have been paying gross

(a) expenditures for which the film production company has delivered a

receipts tax in New Mexico for a minimum of two years;

nontaxable transaction certificate (NTTC) Type 16 pursuant to 7-9-86

• be for rental equipment domiciled in New Mexico for a minimum of 183

NMSA 1978. Type 16 NTTCs may be executed by a qualified production

days per year as defined by the New Mexico Film Division of the Economic

company to purchase property, lease property or purchase services that

Development Department, and

qualify as production costs.

• exclude expenses for which the film production company has already

(b) expenditures that are not subject to tax by New Mexico.

delivered a nontaxable transaction certificate according to Section 7-9-

86 NMSA 1978.

Wages, fringe benefits or fees for talent, management and labor are

eligible for the New Mexico filmmakers tax credit only when paid to

To be eligible for the New Mexico filmmaker production tax credit

individuals whose primary residence has been in the State of New Mexico

a film production company must first be approved by the New Mexico Film

for the previous two years. Form RPD-41271, Declaration of Residency,

Division of the Economic Development Department. After approval, the

must be completed by the New Mexico resident and retained in the records

eligible film production company may apply for the credit by submitting a

of the film production company.

completed Form RPD-41303, Application for New Mexico Filmmaker Tax

Credit, to the Taxation and Revenue Department. The Department may

"New Mexico Resident" is a person whose primary residence has been

approve the New Mexico filmmaker tax credit and issue a document granting

in the state of New Mexico as defined by the New Mexico film division of the

the tax credit. Please allow four to six weeks to process the application.

Economic Development Department in consultation with the Taxation and

Revenue Department and as evidenced by a signed residency affidavit,

To claim the approved New Mexico filmmaker tax credit the film

Form RPD-41271, Declaration of Residency.

production company may apply all or a portion of the New Mexico filmmaker

tax credit granted against personal income tax liability or corporate income

FORM INSTRUCTIONS:

tax liability or any tax liability of a pass-through entity. If the amount of the New

Name/address block Complete all information requested in this block.

Mexico filmmaker tax credit exceeds the film production company's tax

Line A Enter the total direct production expenditures made in New Mexico

liability for the tax year in which the credit is claimed, the excess shall be

that are directly attributable to the production in New Mexico of the television

refunded. To claim approved credits against tax liabilities, complete Form

series for which this credit is claimed.

RPD-41304, New Mexico Filmmaker Tax Credit Claim Form, and submit

Line B Enter the New Mexico filmmakers tax credit claimed. Multiply line A

the form with the return for which the taxpayer wishes to claim the credit.

by 5%. This is the amount of New Mexico filmmakers tax credit that you are

claiming.

"Film" means a single media or multimedia program, including a national

Certifications You must certify that the statements set out under Certifica-

advertising message, that:

tions are true and correct. Place a check mark in the box next to each

is fixed on film, videotape, computer disc, laser disc or other similar

•

statement that applies.

delivery medium;

Sign the application, enter your title and the date of signature. Mail to:

can be viewed or reproduced;

•

Taxation and Revenue Department, Attention Jerry Montoya, PO Box 630,

Santa Fe, NM 87504-0630

is exhibited in a theater;

•

Required Supporting Documentation Submit the following documen-

is intended for exhibition by a television station, network or other means;

•

tation to support your claim:

is intended for the home viewing market; or

•

A copy of the approval from the New Mexico Film Office.

•

is publicly viewed in any other medium.

•

A copy of the final cost-accounting summary for the project with a

•

"Television series" means one or more productions that may be exhibited

breakout of the New Mexico costs for each line item.

by a television station or network.

The name, address, social security number and amount paid for every

•

"Direct production expenditure" means an expenditure used in the

resident of New Mexico for whom the company wishes to claim credit for

production of a film for:

wages and salaries.

(a) the story and scenario;

If the company has obtained Type 16 NTTCs from the Taxation and

•

(b) wages or salaries for talent, management or labor paid to a resident of New

Revenue Department, a listing of every person to whom the company

Mexico;

has delivered an NTTC. The list must contain the name, address and New

Mexico CRS identification number, if applicable, and the dollar amount

(d) photography, sound synchronization, lighting and related services;

of purchases from that person.

(e) editing and related services;

Form Rpd-41303 - Application For New Mexico Filmmaker Tax Credit Page 2

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