Form RPD-41228 Film Production Tax Credit Claim Form

If the credit amount is $5 million or more per taxable year (800) 545 9871 Once approved by the Film Division the company may apply for the credit by submitting a completed Form RPD 41229 Application for Film Production Tax Credit to the Taxation and Revenue Department for verification of expenses and additional approval The Department may approve the film production tax credit and issue a document granting all or part of the tax credit An eligible film production company that is required to file a New Mexico Pass Through Entity (PTE) return may apply for a film production tax credit but may not claim the credit on the PTE return The PTE must pass an approved film production tax credit to its own ers members or partners using Form RPD 41366 Notice of Distribution of Film Production Tax Credit 1 based on the federal return that you are required to file 1 Routing number: 999999999 3 Type: CheckingX Savings X THE UNITED STATES? If yes you may not use this 2 Account number: 99999999999999999 4 REQUIRED: WILL THIS REFUND GO TO OR A financial institution is located within the territorial jurisdiction of the United States if it is: ABOUT THIS CREDIT: All fields are required Complete the bank routing number the account number and you must mark the appropriate box to indicate the type of account Failure to complete all fields will cause your Refund Express request to be denied and the Department will mail you a paper check Question 4 is required: A direct deposit of your refund "Refund Express" may not be made to a bank account located at a financial institution outside the territorial jurisdiction of the United States amount of the credit that you want applied to the tax liability Application for Film Production Tax Credit Approval Number Attach this claim form to your income tax return and mail to: Taxation and Revenue Department Attn: Film Production Tax Credit P O Box 5418 Santa Fe New Mexico 87502 5418 For assistance call (505) 827 0827 Avoid delays that may occur in mailing a check Refund Express does not guarantee that you will receive your re fund check earlier only that when the check is issued it will reach the bank more quickly Caution: Verify that the information you enter is correct and that your financial institution will accept a direct deposit pay able to the name on Form CIT 1 NOTE: The Department will mail you a paper check if your bank does not accept your Refund Express information CIT CR S Corp CR or FID CR On the tax credit schedule claimed on the first page of the return or on Schedule PIT RC Complete the income tax return CIT 1 PIT 1 S Corp or FID Completing the Return: credit Credit claims authorized for payment may be distributed over multiple years as follows: credit to its owners members or partners using Form RPD 41366 Notice of Distribution of Film Production Tax Credit due on the return Enter the refundable portion of the tax credit Enter "X" Enter the name and taxpayer identification number of the approved film production company and the Taxation and Revenue Department approval number from the approved Form RPD 41229 Application for Film Production Tax Credit Enter the report period of the New Mexico income tax return for which you wish to claim the credit Enter the total film production tax credit approved the amount to be applied to tax due on the attached return and the amount of film production tax credit to be refunded Sign and date the return enter the total film production tax credit approved and the Entering Your Account Number Federal Form 1040 file Form PIT 1; Federal Form 1041 file Form FID 1 Federal Form 1120 file Form CIT 1; Federal Form 1120S file Form S Corp; or file Federal Form 1065 may be approved for a film production FILM PRODUCTION TAX CREDIT CLAIM FORM FILM PRODUCTION TAX CREDIT CLAIM FORM Film Production Tax Credit Claim Form to your return Failure For all tax programs you must attach this Form RPD 41228 for personal income tax filers The Department will compare I declare that I have examined this return including any accompanying schedules and statements and to the best of my knowledge and belief it is true correct and complete Signature of Taxpayer or Agent Title Date If the credit amount is $2 million or more but less than $5 million per taxable year half of the amount of the film production tax credit shall be paid immediately and the remainder shall be paid 12 months following the date of the first payment and If the credit amount is less than $2 million per taxable year the amount shall be paid as requested on the income tax form immediately; If you are required to file: File New Mexico Form: If you request the credit to be refunded to you and the credit will be paid out in future years you may wish to have your future payments deposited directly into your bank account through Refund Express Complete the Refund Express portion below when the credit claims authorized for payment may be distributed over multiple years The Refund Express informa tion reported on the income tax return to which you apply the credit will determine where the refundable portion of the film production tax credit that is paid The Refund Express information below will determine where the refundable portion of future payments is paid See "Limitations on Claiming the Credit" in these instructions Instructions INSTRUCTIONS FOR COMPLETING THE FILM PRODUCTION TAX CREDIT CLAIM FORM: Limitations on Claiming the Credit: located in American Samoa Guam the Northern Mariana Islands Puerto Rico or the U S Virgin Islands located on a United States military base; or located within the United States; Month Day Year Month Day Year *Enter same report period as entered on your attached tax form Film Production Tax Credit applied to tax due More convenient No trip to the bank to deposit your check Name of Approved Film Production Company Taxpayer Identification Number (SSN or FEIN) not eligible to be paid immediately you will be billed for the NOTE: An eligible film production company that is required to NOTE: No interest shall be paid on any amount refunded under the Film Production Tax Credit Act of the first payment and one third of the film production Once the approved film production company has received approval from the Film Division and the Taxation and Revenue Department a completed Form RPD 41228 including Department approvals must be attached to a New Mexico Form PIT 1 CIT 1 S Corp or FID 1 return Subject to certain limitations the amount of the tax credit may be applied to the tax due on the return and if the amount of the film production tax credit exceeds the film production company's income tax liability for the tax year the excess may be refunded See the instructions to this form for more details about the limitations and how to complete the income tax return one third of the amount of the film production tax credit Payment is more secure There is no check to get lost production expenditures must be directly attributable to film production in New Mexico and both direct production and post production expenditures must be subject to taxation by the State of New Mexico The film production tax credit may not be claimed for expenditures for which the film production company has delivered a nontaxable transaction certificate pursuant to Section 7 9 86 NMSA 1978 For details of the limits on expenditures see the instructions for Form RPD 41229 PTE return The PTE must pass approved film production tax Question 4 is required: A direct deposit of your refund "Re fund Express" may not be made to a bank account located at a financial institution outside the territorial jurisdiction of the United States refund delivery option See instructions Refund Express Refund Express continued from the first page Refund express is available for deposits to the taxpayer s account only Taxpayers may not request the funds to be deposited into the account of another payee Refund Express Question 4 is required: A direct deposit of your refund "Refund Express" may not be made to a bank account located at a financial institution outside the territorial jurisdiction of the United States In order to comply with federal banking rules anyone wishing to have their refund directly deposited into their account must answer an additional ques tion when completing the Refund Express portion of their return If you do not answer the question your refund will be mailed to you in the form of a paper check If you answer the question incorrectly your refund may be delayed rejected or frozen by the National Automated Clearing House Association (NACHA) or the Office of Foreign Assets Control (OFAC) The question asks whether the refund will go to or through an account located outside the United States The question also warns you that if the answer is "yes" you should not choose the Refund Express method of delivering your refund Your options are to use a different bank account or to leave the Refund Express portion of your return blank and a paper check will be mailed to the address on the return REFUND EXPRESS!! HAvE YOUR REFUND DIRECTLY DEPOSITED SEE INSTRUCTIONS AND FILL IN 1 2 3 AND 4 Refundable Portion of the Film Production Tax Credit REPORT PERIOD request to be applied to the tax liability due on the return is Saves tax dollars A refund by direct deposit costs less than a check shall be paid immediately one third of the film produc State of New Mexico Taxation and Revenue Department State of New Mexico Taxation and Revenue Department tax credit but may not claim the credit on the New Mexico tax credit shall be paid 24 months following the date of tax liability not paid and you may be subject to interest on the amount entered and determine how and when the credit The completed income tax return and Form RPD 41228 must be mailed to: New Mexico Taxation and Revenue Attn: Film Production Tax Credit P O Box 5418 Santa Fe New Mexico 87502 5418 Do not mail the return to the address on the income tax return Mailing to this address ensures that your claim is recorded timely The film production tax credit Section 7 9F 1 NMSA 1978 provides a credit for an eligible film production company The amount of the credit is equal to 25% of direct production and direct postproduction expenditures made in New Mexico subject to certain limitations A 20% credit rate applies for expenditures for which the taxpayer receives a new markets tax credit from the federal government IMPORTANT: Direct the first payment Any amount of a credit claim that is carried forward as de scribed above is also subject to the total aggregate fiscal year limitation described above For purposes of determining the payment of credit claims as described above the secretary of the Taxation and Revenue Department may require that credit claims of affiliated persons be combined into one claim to accurately reflect closely integrated activities of affiliated persons The routing number is for bank identification and must be nine digits If the first two digits are not 01 through 12 or 21 through 32 the system will reject the direct deposit and you will receive a check The total aggregate film production tax credits that may be paid out in any fiscal year are limited to $50 million A film pro duction credit that is unable to receive the tax credit because claims exceed this limitation shall be placed at the front of the queue for the next fiscal year the unpaid amount THROUGH AN ACCOUNT LOCATED OUTSIDE tion tax credit shall be paid 12 months following the date to attach this form may result in denial of your claim for the To be eligible for the film production tax credit a film production company must first be approved by the Film Division of the New Mexico Economic Development Department To apply for eligibility contact the Film Division at (505) 476 5600 or To obtain authorization for payment of the film production tax credit the claim must be made on a completed income tax return filed timely after the close of the taxable year All ex penses incurred during the taxable year shall be submitted as part of the same income tax return A credit claim shall not be divided and submitted with multiple returns or in multiple years Total Film Production Tax Credit Approved TRD is not responsible for the misapplication of a direct deposit refund that is caused by the error negligence or malfeasance on the part of the taxpayer Verify that you enter the correct bank information under the Film Production Tax Credit Act If the amount you What is the Routing Number? WHO MAY USE THIS FORM: Why Use Refund Express? will be paid No interest shall be paid on any amount refunded X X this question You must answer You must indicate the type of account Place an X in the "Checking" box if it is a checking account or in the "Savings" box if the account is a savings account This field is required You will also need to complete the tax credit schedule PIT CR Your account number can be up to 17 characters Include hyphens but omit spaces and special symbols Enter the number from left to right Leave unused boxes blank Do not include the check number Your check may state that it is payable through a bank different from the financial institution where you have your checking account If so do not use the routing number on that check Instead contact your financial institution for the correct routing number to enter on this line