New Mexico increases film tax credit benefits

New Mexico has recently approved an increase in their film tax credits. On April 7, Governor Grisham approved portions of an omnibus tax bill that saw increases to many credits including those offered to film and production. 

As approved, the bill increases the benefits of the film tax credit, including raising the cap for films not by New Mexico film partners.

It also expands subsidies for nonresidents and enhances the benefit of filming in rural locations. 

The amendments apply to film production companies that commence principal photography for a film or commercial audiovisual product on or after July 1, 2023.

According to the New Mexico Film Office, the state can double for a variety of global locations. The terrain varies from 12,000-foot snow-capped mountains to dry, cracked salt flats.

It features ultra-modern cool, classic western sets, as well as traditional military, historic Native America, big city skylines, and "Anytown USA,". And, of course, the famed Rio Grande, as well as miles of unique landscapes.