Questions about the New Mexico Incentive Program?
|Type of Incentive||Refundable Tax Credit|
|Residency||Resident cast and crew only. (15% for non-resident crew when certain criteria are met, including 2.5% give back.)|
|Salary Cap||$20,000,000 aggregate cap on performing artists' wages per project. Excludes background.|
|Annual Cap||$110,000,000 annual rolling cap|
|Application Timeline||Project registration must be completed at least 30 days before principal photography. The project must apply for the credit within one (1) year of the date of the last direct production or post production expenditure in New Mexico.|
|Loan-Out Withholding||4.9% withholding and gross receipts tax of 5.9%|
|CPA Audit||NM Department of Revenue will audit projects receiving a credit <$5M. CPA audit required for a credit >$5M.|
New Mexico Film Office
25% base credit.
+ 5% is available if certain criteria are met regarding the use of qualified production facilities (“QPF”) soundstage / western set.
+5% for payments for direct production expenditures and postproduction expenditures in New Mexico areas that are at least sixty miles outside of the exterior boundaries of Bernalillo and Santa Fe Counties. Aka ‘uplift’ zone.
Uplift zone map: