Much recent research has shown that the level of perceptual load in a task determines the perception of task-irrelevant stimuli and associated neural activity, but the mediating neural mechanisms remain unclear. Here we show that increasing the level of perceptual load in a static letter search task results in an increase in the intensity of transcranial magnetic stimulation over V5/MT required to elicit the perception of a moving phosphene. These findings suggest that the neural mechanisms mediating the effects of perceptual load involve reduced visual cortex excitability in task-unrelated areas.