The State Investment Officer may make investments in New Mexico film projects of up to 6% of the market value of the Severance Tax Permanent Fund. These investments, capped at $15 million per project, currently take the form of a guaranteed, no-interest loan up to 100% of the production budget. Investments require a negotiated participation in the film project's post-break even revenues.  

Other statutory requirements require the project to be wholly or substantially produced in New Mexico, have a distribution contract in place, post a completion bond and the majority of the production crew must be New Mexico residents. In the case of guaranteed no-interest loan investments, the guarantor must be a corporate entity with at least an investment grade credit rating from either Moody's or Standard & Poor's, an irrevocable letter of credit issued by a U.S. based bank with at least an A credit rating or another substantial and solvent entity that is acceptable to the State Investment Council.