RPD-41346: RPD-41346 Geothermal Ground-Coupled Heat Pump Tax Credit Claim Form (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
Form RPD-41346 is used to claim a New Mexico geothermal ground-coupled heat pump tax credit against personal, corporate or fiduciary income tax. It reports approved credits, amounts claimed in prior years, unused credits and the amount applied to the attached income tax return.
Who files this form
Use Form RPD-41346 if the New Mexico Energy, Minerals and Natural Resources Department (EMNRD) has certified your geothermal ground-coupled heat pump tax credit and you want to claim it against New Mexico personal, corporate or fiduciary income tax.
Only the person issued the certificate of eligibility may claim the credit. The form states that:
- The income tax return must be for a tax year beginning on or after January 1, 2010.
- The heat pump must have been purchased and installed after January 1, 2010, but before December 31, 2020.
- The installation must be in a New Mexico residence, business or agricultural enterprise owned by you, or by a partnership or other business association of which you are a member.
Unused approved credit may be carried forward for up to 10 consecutive tax years following the tax year for which the credit was approved.
What you'll need
Attach these items to your New Mexico income tax return:
- Completed Form RPD-41346, including Schedule A.
- A copy of the EMNRD letter certifying the heat pump project and approving your credit.
- The completed credit schedule for your return. The form requires the applicable Schedule CR and specifically names PIT-CR or FID-CR in Schedule A.
To complete the claim, have your EMNRD approval document or certificate of eligibility available for the project number, approval tax year and approved credit amount. You will also need the amounts claimed in prior tax years and your net New Mexico income tax before credits.
How to file
- Enter your taxpayer and contact information and the beginning and ending dates of the tax year you are claiming.
- Enter your net New Mexico income tax before credits on line 2.
- Complete one row of Schedule A for each approved credit being included. List the project number, approval year, approved amount, prior claims, unused balance and amount applied to this return.
- Add Schedule A column (f) and enter that total on line 3. The claim cannot exceed your net New Mexico income tax due.
- Sign and date the form.
- Attach Form RPD-41346, Schedule A, the EMNRD certification letter and the applicable credit schedule to your New Mexico personal, corporate or fiduciary income tax return.
The supplied form does not provide a mailing address or e-file instructions.
Common mistakes
- Missing attachments: The form warns that failing to submit the claim form and required attachments with your return will result in denial of the credit.
- Using new credit before older credit: Apply credits in approval order, using carry-forward credit before new credit.
- Claiming more than the tax due: Your claim cannot exceed net New Mexico income tax calculated before credits.
- Including used-up or expired credits: Do not include credits already claimed in full. Unused credit cannot be carried forward for more than 10 consecutive tax years after the approval tax year.
- Claiming another person's credit: Only the person issued the certificate of eligibility may claim it.
Questions people ask
How much is the credit?
The credit is available for up to 30% of purchase and installation costs, with a maximum credit of $9,000.
Can I use unused credit in a later year?
Yes. Unused credit may be carried forward for up to 10 consecutive tax years following the tax year for which it was approved. Apply carry-forward credit before new credit.
Is there an annual limit on credits available statewide?
Yes. The form states that the Department may allow a maximum annual aggregate of $2,000,000 in these credits. Applications are considered in the order received by the Department.
Who can help me apply for or claim the credit?
To apply, contact EMNRD's Energy Conservation and Management Division at (505) 476-3372 or visit www.emnrd.state.nm.us/ecmd. For help completing Form RPD-41346 or claiming the credit, call (505) 827-0792.