PIT-CR: 17. 2025 PIT-CR Business-Related Income Tax Credit Schedule (2025)
New Mexico · New Mexico TRD · Used for tax years 2025
The 2025 New Mexico PIT-CR is a schedule for claiming the listed business-related credits against personal income tax. It reports credit types, approval numbers, amounts applied to tax due, and any refundable portions of approved credits.
Who files this form
Use the 2025 PIT-CR if you are claiming any of 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.
When claiming these credits, you must attach PIT-CR to your New Mexico Personal Income Tax Return (PIT-1).
What you'll need
You need your completed PIT-CR, your PIT-1, and the backup documents required for each credit you claim. Enter your name and Social Security number on PIT-CR.
Check the attachment requirements beside your credit on the schedule. Examples include:
- Affordable Housing Tax Credit: Form RPD-41301 and MFA investment vouchers.
- Angel Investment Credit: Form RPD-41320 and a certificate of eligibility.
- Clean Car Tax Credit: TRD-41419 and a certificate of eligibility.
- New Solar Market Development Tax Credit: TRD-41406 and certification.
- 2021 Sustainable Building Tax Credit: TRD-41252 and a certificate of eligibility.
Other credits have their own required forms and supporting documents. If you claim more than five credits, you also need one or more PIT-CR Supplemental Schedules.
How to file
- Enter your name and Social Security number on the 2025 PIT-CR.
- Use rows 1 through 5 for your first five credits. Enter the credit type code in column A, credit approval number in column B, amount applied to tax due in column C, and amount to refund in column D, as applicable.
- Enter the total from column C on PIT-CR, line A, and on PIT-1, line 21.
- Enter the total from column D on PIT-CR, line B, and on PIT-1, line 26.
- If you claim more than five credits, list the sixth and additional credits on PIT-CR Supplemental Schedules. Include their totals in PIT-CR lines A and B.
- Attach PIT-CR, all supplemental schedules, and the required backup documentation to your PIT-1.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Leaving claim forms incomplete. The form warns that incomplete claim forms may result in denial of the credit. Complete columns A through D as applicable.
- Using your own table. You must use the table on the schedule. Substitute schedules or tables are not allowed.
- Missing attachments. Attach the required backup documentation for each credit. You must also attach PIT-CR and all supplemental schedules to PIT-1. The form says additional credit claims will be denied if the schedules are not attached.
- Putting nonrefundable credits in column D. Nonrefundable credits may be claimed only in column C.
- Exceeding the stated limit. The sum of credits claimed on PIT-CR and 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
What if I am claiming 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 you need more space, and you must attach all of them to PIT-1.
How do I calculate the amount of a credit I can claim?
Refer to the claim form for that credit. If there is no claim form, refer to the instructions.
Which credit codes can have a refundable amount on this schedule?
PIT-CR lists C03, C04, F01, F03, F04, G03, R03, S04, S05, and T02 for refundable amounts. Enter the amount to refund in column D and include its total on line B and PIT-1, line 26.
Where can I find a fuller description of the credits?
The form directs you to the PIT-CR instructions and FYI-106, Claiming Business-Related Tax Credits for Individuals and Businesses.