New Mexico, which has long been a destination for Hollywood film and TV production, recently more than doubled its annual cap on its 25% to 30% refundable tax credit – from $50 million to $110 million. The state is now poised to lure even more business.
Specifically, New Mexico offers a 30% refundable tax credit on qualifying TV projects, and a 25% refundable tax credit on film projects. A similar 25% refundable tax credit applies to standalone post-production projects. As defined by the state, the production tax credit is meant for production companies that have direct production and direct post-production expenditures that are subject to taxation by the State of New Mexico. Read more.