RPD-41342: RPD-41342 Notice of Transfer of Sustainable Building Tax Credit (Revision 2016-04)
New Mexico · New Mexico TRD · Used for tax years 2024, 2025, 2026
Form RPD-41342 reports a transfer of an approved sustainable building tax credit to the New Mexico Taxation and Revenue Department. It identifies the current and new holders, the credit amount, and the transfer date.
Who files this form
Use Form RPD-41342 to report a transfer of an approved sustainable building tax credit to the New Mexico Taxation and Revenue Department (TRD). It is for:
- A TRD-approved holder who sells, exchanges, or transfers the credit to another taxpayer.
- A partnership or other business association, other than the original building owner, that passes the credit to its members, partners, shareholders, or beneficiaries.
Before using this form, the current holder must have a TRD-approved Form RPD-41327 or Form RPD-41342.
If you have been approved for the new sustainable building tax credit, use Form RPD-41384 to transfer that credit instead.
When it's due
Mail the signed notice to TRD within 10 days of the sale, exchange, or other transfer.
What you'll need
Have the following ready:
- A copy of the current holder’s TRD-approved Form RPD-41327 or Form RPD-41342. You must attach it to the notice.
- The credit number and first eligible tax year from the EMNRD certificate of eligibility. These details can also be found on the holder’s approved Form RPD-41327 or Form RPD-41342.
- The amount of credit being transferred and the transfer date.
- The current holder’s name, phone number, SSN or FEIN, contact name if applicable, and email address.
- The new holder’s name, SSN or FEIN, and mailing address.
- The new holder’s ownership percentage, if a partnership or other business association is passing the credit to an owner.
Both parties, or their authorized representatives, must sign and date the notice.
How to file
- Enter the credit number, first eligible tax year, transfer date, and amount of credit being transferred.
- Complete the Transferred from section for the current holder. Enter the new holder’s ownership percentage if applicable.
- Complete the Transferred to section for the new holder.
- Have both parties, or their authorized representatives, sign and date the notice.
- Attach a copy of the current holder’s TRD-approved Form RPD-41327 or Form RPD-41342.
- Mail the notice and approval documentation within 10 days of the transfer to:
New Mexico Taxation and Revenue Department
Edit Error
PO Box 5418
Santa Fe, NM 87502-5418
For help completing the form, call (505) 827-0792.
Common mistakes
- Missing signatures or approval documentation. Both transferring parties must sign and date the form, and a copy of the holder’s approved Form RPD-41327 or Form RPD-41342 must be attached.
- Mailing the notice late. TRD must be sent the notice within 10 days of the sale, exchange, or other transfer.
- Splitting a credit between taxpayers. The credit generally may not be split when sold, exchanged, or transferred. A partnership or other business association passing credit to owners must follow the proportional ownership rules.
- Transferring a carryforward after claiming the credit. Once a holder or owner claims the credit, the carryforward may not be sold, exchanged, or transferred further.
- Using this form for the new sustainable building tax credit. That transfer requires Form RPD-41384 instead.
Questions people ask
Can I divide the credit among several taxpayers?
Generally, no. A holder selling, exchanging, or transferring the credit must claim or transfer the total approved amount without splitting it between taxpayers. If a partnership or other business association passes the credit to its owners, each owner may claim only a share proportional to their ownership interest. The total claimed by all owners cannot exceed the amount the holder could have claimed.
Can I transfer the carryforward after claiming the credit?
No. Once a holder or owner claims the credit, the carryforward cannot be further sold, exchanged, or transferred.
What if the original building owner is a partnership passing credit to its owners?
An original building owner that is a partnership or other business association may pass the TRD-approved credit to its owners by completing Sections I and II of Form RPD-41327 and submitting a separate Form RPD-41327 for each owner.
Is this the transfer form for the new sustainable building tax credit?
No. If you have been approved for the new sustainable building tax credit, you must use Form RPD-41384 to transfer it.