New Mexico Tax Credits

Key Success Factors
Submit required registration materials at least 30 days prior to start of principal photography. Applicant must register with NM Tax & Revenue Department. Final application submit within 1 year of last expenditure.
Spend Requirements
CPA Audit Required?
Department of Revenue audits projects <$5M in credits. CPA audit required on project with >$5M in credits.
Yes / Gross Receipts Tax (GRT) must be paid by loan out AND withholding at the maximum rate
Resident cast & crew only. NRCE credit of 15% for up to 5 non-resident crew (Excludes: producers, directors, writers, cast and PA’s).
Program Limits
Production Cap
Program Cap
$120,000,000 annual cap. Increased $10,000,000/year through 2028. No sunset date.
Payroll Cap
Salary Cap $20,000,000 aggregate cap on performing artists’ wages per project
Program Highlights
Tax Credit Type
Refundable Tax Credit
Tax Credit Amount

Questions about the New Mexico Motion Picture Tax Credits Program?