2015 New Mexico Statutes
Chapter 7 - Taxation
Section 2F Film Production Tax Credit
Section 7-2F-5 Assignment.
7-2F-5. Assignment.
A. A film production company that is eligible to receive a film production tax credit may assign the payment of an authorized film production tax credit to a third-party financial institution, or to an authorized third party, one time in a full or partial amount. If the parties to the assignment have complied with the procedures established by the taxation and revenue department for the assignment of a film production tax credit payment, the department shall remit to the institution that amount of tax credit approved by the department that would otherwise be remitted to the company.
B. For the purposes of this section:
(1) "authorized third party" means an entity that:
(a) holds the rights to a film for which a film production tax credit may be claimed; and
(b) initiates that film's production; and
(2) "financial institution" means:
(a) a fund purposely created to produce a film; or
(b) a bank, savings institution or credit union that is organized or chartered pursuant to the laws of New Mexico or the United States and that files a New Mexico income tax return.
History: Laws 2015, ch. 62, 1.
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