RPD-41252: RPD-41252 2021 Sustainable Building Tax Credit Claim Form (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
This form is used to claim New Mexico’s 2021 Sustainable Building Tax Credit on an income tax return. It reports approved credit amounts, credit claimed in prior years, unused credit, and the amount applied to the attached return.
Who files this form
Use this form if you are a holder or owner claiming the approved 2021 Sustainable Building Tax Credit against New Mexico income tax.
Building owners must obtain a Certificate of Eligibility from the Energy, Minerals and Natural Resources Department (EMNRD) after the qualifying construction, installation, or renovation is complete. An approved credit may also be transferred to another taxpayer.
You must first claim the credit, or the eligible portion, in the tax year you are eligible to claim it before claiming a carryforward. This applies even if no tax is due.
What you'll need
- A copy of your EMNRD Certificate of Eligibility.
- The completed and signed claim form, including Schedule A.
- Your applicable New Mexico income tax return: PIT-1, CIT-1, S-Corp, or FID-1.
- The matching tax credit schedule: PIT-CR, CIT-CR, S-Corp-CR, or FID-CR.
- If the credit was transferred to you, the approved Notice of Transfer, Form RPD-41253, for the new credit number and approved credit information.
- Records of credit amounts claimed in earlier tax years so you can calculate the unused credit on Schedule A.
You will also need the holder’s name, address, SSN or FEIN, contact information, tax-year beginning and ending dates, and net New Mexico income tax before credits.
How to file
- Complete Sections I and II with the holder’s information, tax year, net New Mexico income tax before credits, and credit being claimed.
- Complete a separate row in Schedule A for each approved credit. Enter its credit number, first eligible tax year, approved amount, prior claims, unused balance, and amount applied to this return.
- Mark the certification box, then sign and date the form.
- Attach the claim form, Schedule A, a copy of the Certificate of Eligibility, and the appropriate Schedule CR to your New Mexico income tax return.
The supplied text does not give a mailing address or e-filing instructions.
For help completing the form, contact the Business Credit Claim Unit at (505) 827-0792 or BusinessCredit.Mgr@state.nm.us.
Common mistakes
- Leaving out the signed claim form. The form warns that failing to attach it to a PIT-1 or CIT-1 return will result in denial of the credit.
- Using older credits first. Apply the credit approved for the current tax year first. Then use available carryforwards, starting with the oldest approval date.
- Including unavailable credits. Do not include expired or unapproved credits, or credits not first claimed in the tax year for which they were approved to be applied.
- Applying more credit than the tax due. Credit applied against tax cannot exceed net New Mexico income tax. Eligible low-income taxpayers request an excess-credit refund on Schedule CR.
- Overlooking the certification. You must certify that you have not and will not claim the solar market development tax credit for a solar thermal or photovoltaic system used to qualify the building for this credit.
Questions people ask
Can unused credit be carried forward?
Yes. Excess credit may be carried forward for up to seven tax years, subject to the credit’s claim and carryforward rules.
Can I receive a refund of excess credit?
If you qualify as a low-income taxpayer, excess credit is refundable when requested on Schedule CR. EMNRD determines that status and specifies it on your Certificate of Eligibility. The stated income limit is annual household adjusted gross income at or below 200% of the federal poverty level guidelines.
How much approved credit can I use each year?
For an approved total below $100,000, the text provides a maximum of $25,000 for the approval tax year and each of the next three tax years, as needed. For an approved total of $100,000 or more, it provides for 25% of the total in each of those four tax years. Amounts applied against tax are also limited by the income tax due.
Can I sell or transfer the credit?
Yes. Report a sale, exchange, or transfer using Form TRD-41253. Once a holder or owner has claimed a credit, its carryforward cannot be sold, exchanged, or transferred.
What if married spouses file separate returns?
If they could have filed jointly, each spouse may claim only one-half of the credit that would have been allowed on a joint return.