RPD-41290: RPD-41290 High-Wage Jobs Tax Credit Claim Form (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
Form RPD-41290 is New Mexico’s High-Wage Jobs Tax Credit Claim Form. It reports the approved credit amount, how much to apply to each tax return and qualifying period, and any excess credit to be refunded.
Who files this form
Taxpayers claiming an approved high-wage jobs tax credit must attach Form RPD-41290 to the tax return on which they want to apply the credit. This is a claim form for an already approved credit, not an application for approval.
What you'll need
Have these items ready:
- The tax return or returns to which you want to apply the credit.
- Your business name, New Mexico Business Tax Identification Number (NMBTIN), and contact name and phone number.
- The approved credit amount, excluding amounts previously claimed.
- Each return type, claimed qualifying period, and credit amount you want to apply.
- Tax liability amounts and other credits applied to the returns, to calculate the maximum credit you may use.
If the business name or NMBTIN differs from the information on the returns, attach a letter of explanation. If you need more space, attach a worksheet in the same format as the detail report.
How to file
- Enter the business and contact information.
- Complete Columns A through C with each return type, claimed qualifying period, and credit amount to apply.
- Enter the total credit to apply on line 1, including all attached worksheets. Enter the total approved credit not previously claimed on line 2. The detail report identifies line 2 minus line 1 as the refund amount on line 3.
- Sign and date the declaration.
Show the full tax liability on each return. Reduce the payment, not the reported tax liability, by the credit applied.
Online: File through Taxpayer Access Point (TAP) and follow the prompts to attach Form RPD-41290.
By mail: Attach the completed form and any applicable payment to the tax return. Mail everything to the address printed on that return.
Common mistakes
- Reducing the tax liability shown on the return. Report the full liability and reduce the payment by the credit applied.
- Including credit already claimed. Do not include previously claimed approved credits on line 2.
- Applying more than the approved amount. Line 1 may not exceed line 2.
- Ignoring other credits or excluded taxes. Follow the form's calculation instructions. Modified combined tax liability excludes local option gross receipts taxes.
- Using mismatched business information without an explanation. The business name and NMBTIN must match the returns, or you must attach an explanatory letter.
- Trying to transfer the credit. The credit cannot be transferred to another taxpayer.
Questions people ask
What happens if my approved credit is more than the tax liability it can offset?
The Department refunds the excess credit.
Will I receive interest on the refund?
No. Interest is not paid on refunded high-wage jobs tax credit amounts.
Can I include more than one approved high-wage jobs tax credit?
Yes. Enter the sum of the approved credit amounts on line 2, but exclude any amounts previously claimed.
Where can I get help claiming an approved credit?
Call the Department at (505) 827-0792.