RPD-41243: RPD-41243 Rural Job Tax Credit Claim Form (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
Form RPD-41243 is used to claim an approved New Mexico Rural Job Tax Credit on a tax return. It reports the tax due and the credit being claimed, with Schedule A listing approved credits, amounts previously claimed, and unused balances.
Who files this form
Use Form RPD-41243 when claiming an approved New Mexico Rural Job Tax Credit. Attach it to the tax return on which you claim the credit.
Credit holders may apply the credit against personal or corporate income tax, or against the gross receipts, compensating, and withholding taxes described on the form. Local option gross receipts taxes are excluded.
A pass-through entity that holds the credit may pass it to its owners for use against their personal or corporate income tax liabilities.
What you'll need
Have these documents and details ready:
- Your New Mexico tax return.
- Form RPD-41243, including Schedule A, and the applicable tax credit Schedule CR.
- Credit approval documentation showing each credit's assigned number, approval date, and approved amount.
- Records of credit amounts claimed in prior tax years, needed to calculate unused credit on Schedule A.
- The holder's name, mailing address, phone number, email address, New Mexico Business Tax Identification Number, and SSN or FEIN.
- The beginning and ending dates of the tax year for the claim.
How to file
- Complete a separate row of Schedule A for each approved credit that has not been fully claimed. Apply credits in the order they were approved.
- Enter the tax-year dates on line 1. On line 2, enter New Mexico tax less any local option gross receipts tax. For an income tax return, enter net New Mexico income tax before credits.
- Add Schedule A, column (f), and enter the total on line 3. The credits applied may not exceed the tax due.
- Sign and date the claim. Attach Form RPD-41243, Schedule A, and the applicable tax credit Schedule CR to your return.
Online: Sign in to Taxpayer Access Point (TAP) and follow the prompts to attach the form when filing your return.
By mail: Attach the form and any applicable payments to your tax return. Mail everything to the address printed on that return.
Common mistakes
- Missing attachments: The form warns that failure to attach it and other required attachments to your New Mexico tax return will result in denial of the credit. Include Schedule A and the applicable tax credit Schedule CR.
- Claiming more than the tax due: Do not enter more than net New Mexico tax due on line 3. Total credits applied cannot exceed the tax due on the return.
- Including fully used credits: Do not list credits on Schedule A that have already been claimed in full.
Questions people ask
Can I carry unused credit forward?
Yes. The credit may be carried forward for three years from the date it is issued. Amounts not claimed for one reporting period may be claimed in subsequent reporting periods within that limit.
Can a pass-through entity distribute the credit to its owners?
Yes. A pass-through entity may pass the credit to its owners for use against personal or corporate income tax liabilities. Use Form RPD-41365, Notice of Transfer of Rural Job Tax Credit, to report a distribution to owners, members, or partners.
Do I need to report a transfer to a new holder?
Yes. The New Mexico Taxation and Revenue Department must be notified within ten days of the transfer.
Where can I get help claiming an approved credit?
Call (505) 827-0792 for assistance claiming your approved credit.