RPD-41301: RPD-41301 Affordable Housing Tax Credit Claim Form (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
Form RPD-41301 is used to claim New Mexico’s affordable housing tax credit on an applicable tax return. It reports investment voucher details, approved and previously claimed credits, unused credit, and the amount applied to the attached return.
Who files this form
File Form RPD-41301 if you are claiming the New Mexico affordable housing tax credit. It must accompany the tax return on which you claim the credit.
You must hold an investment voucher issued by the New Mexico Mortgage Finance Authority (MFA), either directly or through a sale, exchange, or other transfer. A new holder cannot claim a transferred credit until the transfer investment voucher and new voucher number have been issued.
The credit may be applied against the holder’s modified combined tax liability, personal income tax, or corporate income tax liability, as described in the form.
What you'll need
Have these items ready:
- Your applicable New Mexico tax return.
- The holder’s name, SSN or FEIN, mailing address, contact name, phone number, and email address.
- The beginning and ending dates of the tax year or filing period and the New Mexico tax due before credits, if filing an income tax return.
- Investment voucher details: voucher number, original issue date, approved credit amount or transfer value, and amounts claimed in earlier tax years.
- For a transferred voucher, the new MFA voucher number and the original voucher issue date.
Attach Schedule A to Form RPD-41301. The form also directs you to attach Schedule B if you are claiming more than one investment voucher. Include the credit schedule required for your tax program, such as PIT-CR or CIT-CR.
How to file
- Complete the holder and contact information. Enter the tax year or filing period dates on line 1 and the New Mexico tax due on line 2.
- Complete Schedule A with a separate row for each investment voucher. Use the oldest available credit first.
- Enter the amount you are claiming on line 3. It cannot exceed the tax due on the attached return.
- Sign and date the claim form. Attach it, Schedule A, and any other required schedules to the applicable tax return. Enter the credit on the applicable line of that return.
Online: Sign in to Taxpayer Access Point (TAP) and follow the prompts to attach this form when filing your return.
By mail: Attach the form to your tax return and mail everything to the address printed on that return.
For help completing the form, call (505) 827-0792 or email BusinessCredit.Mgr@state.nm.us.
Common mistakes
- Leaving out attachments. The form warns that failing to attach Form RPD-41301 and required attachments to your New Mexico return will result in denial of the credit.
- Claiming more than the tax due. The credit applied cannot exceed the tax liability on the return.
- Using newer credits first. Apply unused credit from the voucher with the oldest original voucher date first, and list each voucher separately.
- Including credits already used in full or carried forward too long. Do not include fully claimed credits. Unused credit cannot be carried forward beyond the stated five-year limit.
- Claiming a transferred credit too soon. Wait until the transfer investment voucher and new voucher number have been issued.
- Applying the credit to excluded taxes. It cannot be claimed against county or municipal local option gross receipts tax or governmental gross receipts tax.
- Leaving requested information blank. The form says all requested information is needed to process the claim.
Questions people ask
How do I get an investment voucher?
Contact the New Mexico Mortgage Finance Authority at (505) 843-6880 or (800) 444-6880 for project approval and issuance of investment vouchers.
Can I use only part of my voucher?
Yes. A holder may apply all or part of the approved voucher value, but the credit claimed cannot exceed the tax liability due on the return.
Can I carry unused credit forward?
Yes. An unused balance may be carried forward for up to five years from the end of the calendar year in which the original investment voucher was issued. Transferring a voucher does not restart that period.
Can I sell or transfer my voucher?
Yes. A voucher may be sold, exchanged, or otherwise transferred, in whole or in part. The Taxation and Revenue Department and MFA must be notified within 10 days by submitting a completed Affordable Housing Tax Credit Transfer Form to MFA. The new holder receives notice of approval and a new voucher number.