If you do not claim any other refundable rebate or credit on Form PIT-1- RC, then follow these special procedures for completing Schedule PIT-1- RC:

Enter the name and social security number of the primary taxpayer shown on pages 1 and 2 of Schedule PIT-1- RC. Complete lines 22 and 23 only. Carry the amount on line 23 to line 16 of Form PIT-1 for 2003. Continue with the line instructions and remaining steps for completing the Form PIT-1. You must submit Schedule PIT-1-RC and the approval documentation described above (see explanation below) to the department with Form PIT-1.

The film production tax credit is available for 15% of direct production expenses subject to state taxation in New Mexico for films made in New Mexico. Excluded from the credit are costs for which the film production company has already issued a nontaxable transaction certificate under Section 7-9-86 NMSA 1978. To obtain approval for the credit, first apply to the New Mexico Film Office of the Economic Development Department. When it received approval from EDD, the film production company may apply for Taxation and Revenue Department approval of the credit. See the Application for Film Production Tax Credit, Form RPD- 41229.

Note: To claim the Film Production Tax Credit, individuals do not need to meet general qualifications. They may follow special procedures for completing the PIT-1-RC schedule. See line 22 instructions for further details.

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