PIT-CR: 12. 2024 PIT-CR Non-Refundable Tax Credit Schedule (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
The 2024 New Mexico PIT-CR is a schedule for claiming listed business-related income tax credits on your personal income tax return. It reports credit types, approval numbers, amounts applied against tax due and, where applicable, refundable amounts.
Who files this form
Use the 2024 PIT-CR to claim the business-related income tax credits listed on the schedule against New Mexico personal income tax. You may also use it to claim the refundable portion of approved credits, if applicable.
If you claim these credits, you must attach PIT-CR to your Personal Income Tax Return (PIT-1). If you claim more than five credits, also use the PIT-CR Supplemental Schedule.
What you'll need
Have your name, Social Security number, credit type codes, credit approval numbers, and credit amounts ready. Attach the supporting documents listed for each credit you claim:
| Credit | Required attachments |
| --- | --- |
| Affordable Housing | RPD-41301 and MFA investment vouchers |
| Angel Investment | RPD-41320 and certificate of eligibility |
| Advanced Energy | RPD-41334 and approval letter |
| Agricultural Biomass | RPD-41361 and certificate of eligibility |
| Foster Youth Employment | RPD-41390 |
| Geothermal Ground-Coupled Heat Pump (G01) | RPD-41346 and certificate of eligibility |
| Home Fire Recovery | TRD-41422 and letter of eligibility |
| Job Mentorship | RPD-41281 and RPD-41280 |
| Land Conservation Incentives | RPD-41282 and approval letter of qualified donation |
| Preservation of Cultural Property | PIT-4, certification letter, and Part 2 approval |
| Rural Job | RPD-41243 |
| Rural Health Care Practitioners | RPD-41326 and certification |
| Solar Market Development | RPD-41317 and certification |
| Sustainable Building | RPD-41329 and letter of eligibility |
| 2015 Sustainable Building | RPD-41383 and letter of eligibility |
| New Solar Market Development | TRD-41406 and certification |
| 2021 Sustainable Building | TRD-41252 and certificate of eligibility |
| Clean Car | TRD-41419 and certificate of eligibility |
| Clean Car Charging Unit | TRD-41421 and certificate of eligibility |
| Film Production, New Film Production, or New Mexico Film Partners New Film Production | RPD-41228 |
| Geothermal Ground-Coupled Heat Pump (2024), G03 | TRD-41426 and certificate of eligibility |
| Renewable Energy Production | RPD-41227 and certificate of eligibility |
| Technology Jobs and Research and Development (Additional) | RPD-41386 |
Use the credit's claim form to calculate the amount you may claim. If there is no claim form, the schedule directs you to the instructions.
How to file
- Enter your name and Social Security number on PIT-CR.
- List your first five credits in rows 1–5. Enter the credit type code in column A, approval number in column B, amount applied to tax due in column C, and any refundable amount in column D.
- If you claim more than five credits, list the sixth and additional credits on PIT-CR Supplemental Schedules. Use multiple supplemental schedules if needed.
- Add column C, including supplemental amounts, and enter the total on PIT-CR, line A, and PIT-1, line 21.
- Add column D, including supplemental refundable amounts, and enter the total on PIT-CR, line B, and PIT-1, line 26.
- Attach PIT-CR, all supplemental schedules, and the required credit documentation to PIT-1.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Leaving claim forms incomplete. Complete columns A–D as applicable. Incomplete claim forms may result in denial of the credit.
- Using a substitute table. You must use the table on the schedule. Substitute schedules or tables are not allowed.
- Missing attachments. Attach the required supporting documents, PIT-CR, and all PIT-CR Supplemental Schedules. The form warns that missing schedules lead to denial of additional credit claims.
- Putting nonrefundable credits in column D. Credits listed as nonrefundable may be claimed only in column C.
- Omitting supplemental totals. Include supplemental amounts in PIT-CR lines A and B, as applicable.
- Exceeding the stated credit limit. The form states that credits claimed on PIT-CR plus the credit for taxes paid to another state on PIT-1, line 20, may not exceed the sum of PIT-1, lines 18 and 19.
Questions people ask
Can PIT-CR be used for refundable credits?
Yes. The schedule allows refundable amounts for credit codes C03, C04, F01, F03, F04, G03, R03, S04, S05, and T02. Enter refundable amounts in column D and carry the total from line B to PIT-1, line 26.
What if I claim more than five credits?
Claim the first five on PIT-CR. Use a PIT-CR Supplemental Schedule for the sixth and additional credits. You may use multiple supplemental schedules if needed, and you must attach them to PIT-1 along with PIT-CR.
Where does the amount applied to tax due go?
Enter it in column C. Add column C, including supplemental amounts, and report the total on PIT-CR, line A, and PIT-1, line 21.
Where can I find more information about a credit?
The form points to the PIT-CR instructions and FYI-106, Claiming Business-Related Tax Credits for Individuals and Businesses, for complete credit descriptions. To calculate your claim amount, use the credit's claim form or, if none exists, the instructions.