Form Rpd-41228 - Film-Related Tax Credit Claim Form/schedule A (Page 3 of 5) in pdf

State of New Mexico - Taxation and Revenue Department

RPD-41228

Rev. 12/08/2016

FILM-RELATED TAX CREDIT CLAIM FORM

Instructions

Page 1 of 3

To Claim an Approved Film-Related Tax Credit. After

For credit claims of $2,000,000 or more in a tax year, the

the film production company is determined eligible by

credit shall be distributed over multiple years as follows:

the Film Office and RPD-41229, Application For Film

●

If the credit amount claimed is $2,000,000 or more, but

Production Tax Credit, or RPD-41381, Application For Film

less than $5,000,000 in a tax year, half of the amount of

And Television Tax Credit, and has been approved by the

the tax credit shall be applied or paid immediately upon

Taxation and Revenue Department (TRD), film-related tax

processing of the income tax return and the remainder

credits (film production tax credit and film and television

shall be paid 12 months following the date of the first

tax credit) may be claimed by attaching a completed

payment, and

Form RPD-41228, Film-Related Tax Credit Claim Form,

including Schedule A, to the film production company's

●

If the credit amount claimed is $5,000,000 or more in

New Mexico income tax return (Form PIT-1, CIT-1, S-Corp,

a tax year, one third of the amount of the film-related

or FID-1) filed after the close of its tax year for authorization

tax credit shall be applied or paid immediately upon

for payment. The income tax return must be timely filed.

processing of the income tax return, one third of the

For qualifying expenditures made after April 15, 2013,

film-related tax credit shall be paid 12 months following

the credit may be claimed by filing the New Mexico PTE,

the date of the first payment, and one third of the

film-related tax credit shall be paid 24 months following

Pass-Through Entity Income and Information Return.

the date of the first payment.

All direct production expenditures and postproduction

expenditures incurred during the tax year by a film

Any amount of a credit claim that results in payments in

production company shall be submitted as part of the same

multiple years as described previously, is also subject to the

income tax return. Claim the credit in full on the return for

total aggregate film-related tax credit limit of $50,000,000

the year expenses were incurred. Do not divide and submit

paid in any fiscal year. However, the portion of the amount

the credit claim with multiple returns or in multiple years.

of the credit payment not yet paid is placed in front of the

queue in the next fiscal year. If a partial payment is made

Subject to certain limitations, the amount of the tax credit

because the tax credit limit has been met in a fiscal year,

authorized for payment may be applied to the tax due on

then the difference owed shall retain its original position in

the return. Or if the amount of the film-related tax credit

the queue.

exceeds the film production company's income tax liability

For purposes of determining the payment of credit claims

for the tax year, the excess may be refunded. No interest

that are required to be paid out over multiple years, the

will be paid on any credit amount refunded pursuant to

TRD Secretary may require that credit claims of affiliated

the Film Production Tax Credit Act (Section 7-1-68 NMSA

persons be combined into one claim, if necessary, to

1978).

accurately reflect closely integrated activities of affiliated

persons.

Limitations on Receiving the Credit Claimed on a

Return

Completing the Income Tax Return

The total aggregate film-related tax credits that may be paid

Complete the income tax return, CIT-1, PIT-1, S-Corp, PTE,

out in any fiscal year is limited to $50,000,000. A claimed

or FID-1 based on the federal return that you are required

film and television tax credit or film production tax credit

to file.

that is unable to be paid because total claims paid during

If you are required to file:

File New Mexico form:

the current fiscal year exceeded $50,000,000 shall be

Federal Form 1040

PIT-1 return

placed at the front of the queue for the next fiscal year.

Federal Form 1041

FID-1 return

Federal Form 1065

PTE return

The date a credit claim is received by TRD determines the

Federal Form 1120

CIT-1 return

order that a credit claim is authorized for payment.

Federal Form 1120S

S-Corp return

When credit claims are authorized by TRD, the film-related

You also need to complete the tax credit schedule, CIT-CR,

tax credits are paid as follows:

PIT-CR, S-Corp-CR or FID-CR. Enter the total film-related

If the amount claimed by a film company is less than

tax credit approved and the amount of the credit that you

$2,000,000 in a tax year, the amount shall be applied or

want applied to the tax liability due and refunded on the

paid immediately upon processing of the income tax return.

Schedule CR for business related tax credits. TRD will

Form Rpd-41228 - Film-Related Tax Credit Claim Form/schedule A Page 3

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