RPD-41212: RPD-41212 Investment Credit Claim Form (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
Form RPD-41212 is used to claim an approved New Mexico investment credit against tax due. It reports the credit approval number, taxes due by reporting period, and the available credit to be applied.
Who files this form
Use Form RPD-41212 to claim an investment credit that has already been approved. Apply for approval using Form RPD-41167, Application for Investment Credit.
The credit may cover up to 85% of your tax liability. Apply it to gross receipts and compensating tax before applying it to withholding tax. Tax due under the Oil and Gas Proceeds Withholding Tax Act is excluded.
When it's due
For 2024, the form's refund application deadline is September 30 of the current calendar year. A taxpayer may apply for a refund of the unclaimed credit balance, up to $250,000, if both conditions are met as of January 1 of the current calendar year:
- Available credit is less than $500,000.
- Total tax liabilities for the previous calendar year were less than 35% of the available credit but more than $10,000.
The form does not state a separate deadline for a regular credit claim.
What you'll need
Have the following information ready to complete the form:
- Taxpayer name and New Mexico Business Tax Identification Number (NMBTIN).
- Credit approval number.
- Mailing address and contact name, email address, and phone number.
- Start and end dates for each taxable period.
- Gross receipts, compensating, and withholding tax due, plus the available credit to apply.
For a mailed claim, include this form with the applicable tax return and any applicable payments. The taxpayer or agent must sign and date the claim form.
How to file
Online: Sign in to Taxpayer Access Point (TAP) at https://tap.state.nm.us. Apply the credit when filing your return and follow the prompts to attach Form RPD-41212.
By mail: Attach the claim form and any applicable payments to Form TRD-41413, Gross Receipts Tax Return, or Form TRD-41412, Compensating Tax Return, on which you want to apply the credit. Mail everything to the address printed on that return.
For help completing the form or claiming the credit online, call (505) 827-0792 or email BusinessCredit.Mgr@state.nm.us.
Common mistakes
- Claiming the credit before it has been approved.
- Applying the credit against more than 85% of tax liability.
- Applying the credit to withholding tax before gross receipts and compensating tax.
- Including tax due under the Oil and Gas Proceeds Withholding Tax Act.
- Using the special gross receipts tax worksheet for a 2024 claim. That worksheet is only for periods before July 1, 2020.
Questions people ask
Does this form apply for credit approval?
No. Apply for approval using Form RPD-41167. Use RPD-41212 once the credit has been approved.
Can the credit cover my entire tax liability?
No. The credit may be applied against a maximum of 85% of your tax liability.
What happens to unused credit?
Any remaining credit may be claimed in subsequent reporting periods.
How does the form calculate the tax eligible for credit?
Add the gross receipts, compensating, and withholding tax amounts in columns C, D, and E to get total tax due in column F. Multiply that total by 85% to calculate column H.