New Mexico offers more than 100 tax credits, deductions, and other exemptions. You can view the full spreadsheet which lists them all here. One of the so-called tax credits is the 25% rebate for the film industry which is not a “credit” at all. But, policymakers are looking for ways to close the $400 million deficit and are going to be considering closing some of these “loopholes” during the 2011 legislative session.