CIT-CR: 03. 2024 CIT-CR Tax Credit Schedule (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
The 2024 New Mexico CIT-CR Tax Credit Schedule is used to claim listed tax credits against corporate income tax reported on Form CIT-1. It reports credit types, approval numbers, amounts applied to tax due, and refundable amounts.
Who files this form
Use the 2024 CIT-CR if you are claiming one of its listed tax credits against New Mexico corporate income tax reported on Form CIT-1, Corporate Income and Franchise Tax Return. You may also use it to claim the refundable portion of approved tax credits, if applicable.
Attach CIT-CR to your CIT-1. If you claim more than five credits, also use the CIT-CR Supplemental Schedule.
What you'll need
Have your Federal Employer Identification Number (FEIN), credit type codes, credit approval numbers, and credit amounts ready. Attach the backup documents required for each credit you claim.
Nonrefundable credits
- Affordable Housing: RPD-41301 and MFA investment vouchers.
- Agricultural Biomass: RPD-41361 and certificate of eligibility.
- Corporate Child Care: CIT-3.
- Foster Youth Employment Corporate Income Tax: RPD-41390.
- Geothermal Ground-Coupled Heat Pump (G01): TRD-41346 and certificate of eligibility.
- Intergovernmental Business: entitlement statement and proof of payment.
- Job Mentorship: RPD-41281 and RPD-41280.
- Land Conservation Incentives: RPD-41282 and approval letter of qualified donation.
- Preservation of Cultural Property: CIT-4, certification letter, and Part 2 approval.
- Rural Job: RPD-41243.
- Sustainable Building (S02): RPD-41329 and letter of eligibility.
- 2015 Sustainable Building (S03): RPD-41383 and letter of eligibility.
- 2021 Sustainable Building (S05): TRD-41252 and certificate of eligibility.
Refundable credits
- Clean Car: TRD-41419 and certificate of eligibility.
- Clean Car Charging Unit: TRD-41421 and certificate of eligibility.
- Film Production, New Film Production, and New Mexico Film Partner New Film Production: RPD-41228.
- 2024 Geothermal Ground-Coupled Heat Pump (G04): TRD-41427 and certificate of eligibility.
- Renewable Energy Production: RPD-41227, certificate of eligibility, and other documents required for the credit.
- Technology Jobs and Research and Development (Additional): RPD-41386.
Refer to the credit's claim form or supporting instructions to calculate the amount you may claim.
How to file
- Enter your FEIN and list your first five credits on CIT-CR. Use columns A through D for the credit type code, credit approval number, amount applied to tax due, and amount to refund, as applicable.
- Claim nonrefundable credits in column C only. For refundable credits, enter the amount applied to tax due in column C and the amount to refund in column D.
- If you claim more than five credits, list the sixth and later credits on CIT-CR Supplemental. Use additional supplemental schedules if needed.
- Add column C, including supplemental schedule amounts, and enter the total on CIT-CR line A and CIT-1, page 2, line 21.
- Add column D, including refundable supplemental amounts for codes C03, C04, F01, F03, F04, G04, R03, and T02. Enter the total on CIT-CR line B and CIT-1, page 2, line 38.
- Attach the required credit backup documents, CIT-CR, and all CIT-CR Supplemental Schedules to your CIT-1.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Leaving claim details incomplete. Complete columns A through D, rows 1 through 5, as applicable. The form warns that incomplete claim forms may result in denial of the credit.
- Using a substitute table. You must use the table on the form. Substitute schedules or tables are not allowed.
- Applying too much credit to tax due. The total applied to tax due on CIT-CR cannot exceed the New Mexico income tax on CIT-1, line 20.
- Omitting attachments. Attach the required backup documents for each credit. Also attach CIT-CR and every supplemental schedule to CIT-1. The form says the Department denies additional credit claims if those schedules are not attached.
- Leaving supplemental amounts out of the totals. Include supplemental column C amounts on line A and the applicable refundable column D amounts on line B.
Questions people ask
Can I claim a refund through CIT-CR?
Yes, if applicable, you may claim the refundable portion of approved tax credits. Enter the refund amounts in column D, total them on line B, and enter that total on CIT-1, page 2, line 38.
What if I have more than five credits?
Claim the first five on CIT-CR and the sixth and later credits on CIT-CR Supplemental. You may use multiple supplemental schedules if you need more space. Attach all of them to CIT-1.
How much credit can I apply against my tax?
The total applied to tax due on CIT-CR cannot exceed the New Mexico income tax on CIT-1, line 20. Use each credit's claim form or supporting instructions to calculate the amount you may claim.
Where can I find more information about the credits?
The form directs you to the CIT-CR instructions and FYI-106, Claiming Business-Related Tax Credits for Individuals and Businesses, for complete descriptions.