CIT-CR: 5. 2025 CIT-CR Tax Credit Schedule (2025)
New Mexico · New Mexico TRD · Used for tax years 2025
The 2025 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 any refundable amounts.
Who files this form
Use the 2025 New Mexico CIT-CR if you are claiming any of the tax credits listed on the schedule against corporate income tax reported on your Corporate Income and Franchise Tax Return (CIT-1).
You may also use CIT-CR to claim the refundable portion of approved tax credits, if applicable. Attach CIT-CR to your CIT-1.
What you'll need
Have your Federal Employer Identification Number (FEIN), CIT-1, credit approval numbers, and the backup documents required for each credit you claim.
The required attachments vary by credit. Examples printed on the schedule include:
- Affordable Housing Tax Credit: RPD-41301 and MFA investment vouchers.
- Clean Car Tax Credit: TRD-41419 and a certificate of eligibility.
- Clean Car Charging Unit Tax Credit: TRD-41421 and a certificate of eligibility.
- Intergovernmental Business Tax Credit: an entitlement statement and proof of payment.
- Land Conservation Incentives Credit: RPD-41282 and an approval letter for the qualified donation.
- Preservation of Cultural Property Credit: CIT-4, a certification letter, and Part 2 approval.
- Renewable Energy Production Tax Credit: RPD-41227, a certificate of eligibility, and other documents.
Check the entry for each credit on CIT-CR for its required attachments. Refer to that credit’s claim form or supporting instructions to calculate the amount you may claim.
If you claim more than five credits, you also need one or more CIT-CR Supplemental Schedules.
How to file
Complete CIT-CR and attach it, along with the required credit backup documents, to your 2025 CIT-1.
- Enter your FEIN.
- Use rows 1–5 for the first five credits. Enter the credit type code in column A, the credit approval number in column B, the amount applied to tax due in column C, and any refundable amount in column D.
- Claim nonrefundable credits in column C only. For refundable credits, put the amount applied to tax due in column C and the amount to refund in column D.
- Enter the total of column C on CIT-CR, line A, and on CIT-1, page 2, line 21.
- Enter the total of column D on CIT-CR, line B, and on CIT-1, page 2, line 38.
If you claim more than five credits, enter the sixth and additional credits on CIT-CR Supplemental Schedules. Include their totals in CIT-CR lines A and B, as applicable, and attach every supplemental schedule to CIT-1.
The supplied form text does not give a mailing address or e-file instructions.
Common mistakes
- Leaving the credit table incomplete. Fill out columns A–D, rows 1–5, as applicable. Incomplete claim forms may result in denial of the credit.
- Using your own table. The form requires its printed table. Substitute schedules or tables are not allowed.
- Applying more credits than the income tax due. Total credits applied to tax due cannot exceed the New Mexico income tax on CIT-1, line 20.
- Omitting supporting documents. Attach the appropriate backup documents for every credit claimed.
- Failing to attach supplemental schedules. Attach CIT-CR and all CIT-CR Supplemental Schedules to CIT-1. The Department denies additional credit claims if those schedules are not attached.
- Leaving supplemental amounts out of the totals. Include applicable supplemental totals on CIT-CR lines A and B.
Questions people ask
Can I claim a refund using CIT-CR?
Yes, if you have an applicable refundable portion of an approved credit. Enter the amount to refund in column D, total it on line B, and carry that total to CIT-1, page 2, line 38.
What if I claim more than five credits?
Claim the first five on CIT-CR and the sixth and additional credits on CIT-CR Supplemental Schedules. Use multiple supplemental schedules if you need more space, and attach them all to CIT-1.
How do I calculate the amount of a credit?
Refer to the claim form or supporting instructions for that credit. The total credits applied to tax due on CIT-CR cannot exceed the New Mexico income tax on CIT-1, line 20.
Where can I find fuller descriptions of the credits?
The form directs you to the CIT-CR instructions and FYI-106, Claiming Business-Related Tax Credits for Individuals and Businesses.