Key staff members of our crew attended the 2017 New Mexico Film & Media Industry Conference on Friday, Aug 26th & Sat, Aug 27th, in Albuquerque, New Mexico. The conference was a great investment of our resources. We got caught up on the latest in: working with unions such as SAG & Union Crews, How the NM Tax Incentive works, Crowd funding, plus we made friends with industry members. Key takeaway on the 25% tax incentive is…It’s a TAX INCENTIVE.
Therefore, you have to pay your taxes first THEN apply the tax towards your tax liability. It takes approx 10 weeks to receive the tax incentive once you file your application. The application can only be filed once per project and has a 1 year deadline to apply.
Also, if you claim expenses for New Mexico actors…NM actors is defined as someone who has paid taxes in NM for min of TWO (2) years. The NM state now offers “Declaration of Residency” cards to NM actors to prove they are registered residents. The cards are renewable yearly.
We made a lot of friends yet we are continuing conversations with: the Law Office of Jose Jehuda Garcia, Esq (Entertainment Business Law & Affairs), Mats Reiniusson (Asst. Professor at Institute of American Indian Arts, Ken Segura Knoll, (Crowdfunding), and Weston Brownlee (3D Molding & Printing) for products & services related to our upcoming feature.