NEW MEXICO Tax Credits

As-Of: June 2026 | Tax Credit: 25-40% refundable (NO per-project caps)

New Mexico offers 25% base refundable tax credit with bonuses for TV series/pilots, certified production facilities, local union crew, and rural filming—bringing effective rates to 40% in optimal scenarios. The refundable structure is critical: productions receive cash back regardless of in-state tax liability. New Mexico’s annual cap increased from $120M to $130M for fiscal 2025, with further increases planned to reach $160M by 2028. Per-project and per-person wage caps were removed, enabling large productions to access unlimited value. New Mexico requires pre-certification. The state maintains exceptional production infrastructure: Netflix Studios Albuquerque, major facilities in Santa Fe and Las Cruces, established crew bases. Locations range from desert landscapes to high-altitude terrain to historic cities. The combination of 25-40% refundable credits, no project caps, increasing allocations, and exceptional infrastructure makes New Mexico highly competitive for major productions. The lack of per-project cap provides certainty for large-budget productions.

Reference Dates: All information current as of June 2026. Film tax incentive programs change regularly. Verify current program details and funding availability with each state film office before finalizing location decisions. Please do your own research.