RPD-41282: RPD-41282 Land Conservation Incentives Credit Claim Form (Revision 2016-07)
New Mexico · New Mexico TRD · Used for tax years 2024
Form RPD-41282 is used to claim New Mexico's land conservation incentives tax credit on an income tax return. It reports the credit claimed for the current tax year, with Schedule A detailing approved credits, amounts previously claimed or transferred, and unused balances.
Who files this form
Use Form RPD-41282 to claim a land conservation incentives tax credit if:
- Your land or interest in land has been certified as a qualified donation by the Secretary of Energy, Minerals and Natural Resources, and the New Mexico Taxation and Revenue Department (TRD) has granted you the credit; or
- You received the credit through a qualified intermediary, and the transfer has been recorded with TRD.
To claim the credit, attach the completed form to your New Mexico PIT-1, CIT-1, S-Corp, or FID return.
What you'll need
Have these forms and records ready:
- Your New Mexico PIT-1, CIT-1, S-Corp, or FID return.
- Form RPD-41282, including Schedule A.
- The applicable credit schedule: PIT-CR, CIT-CR, S-Corp-CR, or FID-CR.
- Form RPD-41335 showing the approved credit number, qualified donation date, and approved amount. For a transferred credit, use Form RPD-41336 for this information.
- Records of credit amounts claimed in earlier tax years or transferred to another taxpayer.
- Your federal Form 1040, Schedule A, if you claimed a charitable deduction for the same land contribution.
You will also need the credit holder’s SSN or FEIN and contact information.
How to file
- Enter the credit holder’s identifying and contact information and the beginning and ending dates of the tax year.
- Complete a separate row of Schedule A for each eligible credit approved or transferred to you. Apply the oldest approved credits first.
- Enter your net New Mexico income tax before credits on line 2. Enter the total from Schedule A, column (f), on line 3, without exceeding that tax amount.
- Complete line 4 if you claimed a federal charitable deduction for the same land contribution.
- Sign and date the claim. Enter the credit claimed on the applicable line of your New Mexico income tax return.
- Attach Form RPD-41282, Schedule A, and the applicable Schedule CR to your return. Mail the return and claim form to the address printed on the tax return.
Common mistakes
- Missing attachments: The form warns that failing to attach the claim form and other required attachments will result in denial of the credit.
- Claiming too much: The credit used cannot exceed your net New Mexico income tax before credits.
- Using newer credits first: Apply credits in the order they were approved, using the oldest credit first.
- Including exhausted or expired credits: Do not include credits already claimed in full or credits approved more than twenty tax years before the claim year. Unused credits cannot be carried forward more than twenty years following the qualified donation date.
Questions people ask
Can I claim a credit transferred to me?
Yes, if you received it through a qualified intermediary and the transfer was recorded with TRD. Use the new credit number from Form RPD-41336 on Schedule A.
Can unused credit be carried forward?
Yes, but not for more than twenty years following the date of the qualified donation.
What if I also claimed a federal charitable deduction?
On line 4, enter the charitable deduction claimed on federal Form 1040, Schedule A, for the land contribution for which you are claiming the credit.
Where can I get help completing the form?
Call (505) 827-0792.