RPD-41334: RPD-41334 Advanced Energy Tax Credit Claim Form (Revision 2016-09)
New Mexico · New Mexico TRD · Used for tax years 2024
Form RPD-41334 claims an approved New Mexico advanced energy tax credit against personal or corporate income tax, gross receipts tax, compensating tax or withholding tax. It reports the credit available, amounts previously claimed and the amount applied to the attached return.
Who files this form
Use Form RPD-41334 to claim an advanced energy tax credit certified by the New Mexico Environment Department (NMED) and approved by the Taxation and Revenue Department (TRD). A qualified generating facility or approved interest owner may claim the approved credit.
The credit may be applied against New Mexico personal or corporate income tax, gross receipts tax, compensating tax, or withholding tax.
What you'll need
To claim the approved credit, prepare:
- A completed and signed Form RPD-41334, including Schedule A.
- The return to which you are applying the credit: CRS-1, PIT-1, FID-1, CIT-1, or S-Corp.
- For an income tax claim, the applicable credit schedule: PIT-CR, FID-CR, CIT-CR, or S-Corp-CR.
- For a CRS-1 claim, the full-page CRS-1 Long Form and any required supplemental forms.
You will need your taxpayer name, NM CRS identification number, FEIN or SSN, report period, and tax liability. Schedule A asks for the TRD approval number, approval year, approved credit amount, prior claims, unused credit, and the amount applied to the attached return.
Schedule A also specifically requires a copy of the letter from EMNRD certifying the credit.
How to file
- Obtain approval first. Apply to NMED for a certificate of eligibility. After receiving it, submit Form RPD-41333 to TRD with the certificate and information needed to determine the allowable credit.
- Complete the claim. Enter the report period, eligible New Mexico tax liability, and credit claimed on Form RPD-41334. Complete Schedule A, then sign and date the claim.
- Apply credits in the required order. Use new credits approved during the current report period first. Then use eligible carryforward credits, starting with the oldest.
- Attach the claim to your return. Include Schedule A and, for an income tax return, the applicable credit schedule.
Online: Sign in to Taxpayer Access Point (TAP) and follow the prompts to attach the form when filing your return.
By mail: Attach the claim form to your tax return and mail everything to the address printed on that return.
For help claiming an approved credit, the form lists (505) 827-0792.
Common mistakes
- Leaving out attachments. The form warns that omitting the claim form or other required attachments will result in denial of the credit claim.
- Claiming too much credit. The credit used cannot exceed the eligible tax liability. Local option gross receipts tax must be excluded.
- Reducing the tax shown on CRS-1. Report the full liability on the CRS-1 Long Form. Instead, reduce the payment by the credit claimed and attach Form RPD-41334 with Schedule A. Do not enter a negative number.
- Applying the credit to franchise tax. The credit cannot be used against franchise tax.
- Claiming the full joint credit on separate returns. Married individuals filing separately who could have filed jointly may each claim only half of the credit that would have been allowed on a joint return.
Questions people ask
Can I carry forward unused credit?
Yes. Unused credit may be carried forward for up to 10 consecutive tax years following the tax year in which the credit was approved.
Which credits do I use first?
Apply new credits approved during the current report period first. If eligible tax liability remains, apply carryforward credits, starting with the oldest.
Can I claim the credit before TRD approves it?
The process printed in the form requires an NMED certificate of eligibility followed by TRD approval. After approval, you may use Form RPD-41334 to claim the credit.
Can unused credit cover different types of tax?
Yes. Excess credit carried forward may be applied to any combination of personal or corporate income tax, gross receipts tax, compensating tax, or withholding tax due from the claimant.