New Mexico: tax incentives, credits and advisors
New Mexico pairs a film credit of 25% to 40% with job and investment credits, and the Taxation and Revenue Department lets several credits, such as land conservation, sustainable building and affordable housing, be transferred through its online portal.
Facts checked 2026-10-26 against the official sources linked below.
Below are the major New Mexico incentives we could verify against an official source, grouped by type. This is not an exhaustive list of every state program. Credits flagged Transferable can be sold or assigned to another taxpayer under state rules; see transferable state tax credits. Each row shows the date we last checked it.
New Mexico film and media incentives
| Incentive | Type | Who qualifies | Amount, rate or cap | Transferable | Refundable | Status | Source |
|---|---|---|---|---|---|---|---|
| Film production tax credit | Credit | Film and television productions with qualified New Mexico expenditures | 25% base, up to 40% maximum with uplifts (e.g. an extra 5% for series television and qualifying pilots); TV and qualified production facility uplifts cannot be stacked | Transferable: Limited; payment may be assigned once to a qualified financial institution or authorized third party (Form RPD-41380), with no further transfer | Yes; excess over tax liability is refunded | Active | State of New Mexico, Film in New Mexico; NM Taxation and Revenue, FYI-370 Film Production Tax Credits Last verified 2026-11-03 |
New Mexico jobs, investment and enterprise zones incentives
| Incentive | Type | Who qualifies | Amount, rate or cap | Transferable | Refundable | Status | Source |
|---|---|---|---|---|---|---|---|
| High wage jobs tax credit | Credit | Employers creating qualifying new high-wage jobs in New Mexico | 8.5% of wages and benefits, up to $12,750 per job | Not stated | Yes; excess is refunded | Active | New Mexico Economic Development Department, Competitive Business Climate Last verified 2026-10-26 |
| Rural jobs tax credit | Credit | Eligible employers creating jobs in rural New Mexico | Not stated on the TRD overview | Transferable: Yes; transferable through the Taxpayer Access Point (TAP) business credit transfer process | Not stated | Listed by TRD | New Mexico Taxation and Revenue Department, Tax Credits Overview and Forms Last verified 2026-10-26 |
New Mexico angel and venture investment incentives
| Incentive | Type | Who qualifies | Amount, rate or cap | Transferable | Refundable | Status | Source |
|---|---|---|---|---|---|---|---|
| Angel investment credit | Credit (personal income tax) | Accredited investors in qualified New Mexico businesses | 25% of the investment, up to $62,500 per investment, in up to five businesses; 5-year carryforward | Not stated | Not stated | Active | New Mexico Economic Development Department, Competitive Business Climate Last verified 2026-10-26 |
New Mexico housing incentives
| Incentive | Type | Who qualifies | Amount, rate or cap | Transferable | Refundable | Status | Source |
|---|---|---|---|---|---|---|---|
| Affordable housing tax credit | Credit | Investors in approved affordable housing projects (NMSA §§7-9I-1 to 7-9I-6) | 50% of the value of the donation or investment; 5-year carryforward; usable against income, gross receipts and compensating tax | Transferable: Yes; transferable with notice to TRD and Housing New Mexico within 10 days | Not stated | Active | New Mexico Taxation and Revenue Department, Tax Credits Overview and Forms; Housing New Mexico, State Tax Credit Fact Sheet; NM TRD, Form RPD-41301 Last verified 2026-10-26 |
New Mexico charitable giving incentives
| Incentive | Type | Who qualifies | Amount, rate or cap | Transferable | Refundable | Status | Source |
|---|---|---|---|---|---|---|---|
| Land conservation tax credit | Credit | Donors of land or conservation easements for conservation purposes | Not stated on the TRD overview; statute (Income Tax Act §7-2-18.10; Corporate §7-2A-8.9) | Transferable: Yes; transferable through the Taxpayer Access Point (TAP) business credit transfer process | Not stated | Active | New Mexico Taxation and Revenue Department, Tax Credits Overview and Forms Last verified 2026-10-26 |
New Mexico renewable energy incentives
| Incentive | Type | Who qualifies | Amount, rate or cap | Transferable | Refundable | Status | Source |
|---|---|---|---|---|---|---|---|
| 2021 sustainable building tax credit | Credit | Owners of certified sustainable buildings | Per-square-foot credit by certification level; $4,250,000 annual statewide cap; 7-year carryforward | Transferable: Yes; may be transferred, sold or exchanged | No | Available until January 1, 2028 | New Mexico Taxation and Revenue Department, Tax Credits Overview and Forms; NM EMNRD, 2021 Sustainable Building Tax Credit Last verified 2026-10-26 |
| New solar market development tax credit | Credit (personal income tax) | Taxpayers installing solar systems in New Mexico | 10% of solar thermal or PV system cost (including batteries), up to $6,000 per taxpayer; $30 million annual cap | Transferable: Yes; may be sold, exchanged or transferred for full value | Yes, for tax years 2022 and later | Listed by TRD | New Mexico Taxation and Revenue Department, Tax Credits Overview and Forms; NM EMNRD, New Solar Market Development Tax Credit Last verified 2026-10-26 |
New Mexico agriculture incentives
| Incentive | Type | Who qualifies | Amount, rate or cap | Transferable | Refundable | Status | Source |
|---|---|---|---|---|---|---|---|
| Agricultural biomass tax credit | Credit | Owners of dairy or feedlot operations transporting agricultural biomass | Not stated on the TRD overview; statute (Income Tax Act §7-2-18.26; Corporate §7-2A-26) | Not stated | Not stated | Listed by TRD | New Mexico Taxation and Revenue Department, Tax Credits Overview and Forms Last verified 2026-10-26 |
New Mexico vehicles and ev incentives
| Incentive | Type | Who qualifies | Amount, rate or cap | Transferable | Refundable | Status | Source |
|---|---|---|---|---|---|---|---|
| Clean car tax credit | Credit (personal income tax) | Buyers of qualifying clean vehicles | Not stated on the TRD overview; statute (Income Tax Act §7-2-18.36) | Not stated | Not stated | Listed by TRD | New Mexico Taxation and Revenue Department, Tax Credits Overview and Forms Last verified 2026-10-26 |
Advisors located in New Mexico
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Common questions
What is the New Mexico film tax credit rate?
25% base, up to 40% with uplifts such as the extra 5% for series television.
Which New Mexico credits can be transferred?
TRD lists the New Solar Market Development, 2015 and 2021 Sustainable Building, Affordable Housing, Land Conservation and Rural Jobs credits as transferable through TAP.
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Education only; not tax, legal or investment advice. State rules change; confirm with the official source and a qualified professional.