RPD-41361: RPD-41361 Agricultural Biomass Tax Credit Claim Form (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
New Mexico Form RPD-41361 is used to claim an approved agricultural biomass tax credit against personal or corporate income tax due. It reports approved credits, unused credits available for carryforward, and the amount claimed on the attached income tax return.
Who files this form
Use Form RPD-41361 to claim an approved agricultural biomass tax credit against your New Mexico personal or corporate income tax liability. Submit it with the PIT-1, CIT-1, S-Corp, or FID return for the tax year to which you want to apply the credit.
What you'll need
You will need:
- Form RPD-41361 and the New Mexico PIT-1, CIT-1, S-Corp, or FID return on which you are claiming the credit.
- The qualified facility owner's name and Social Security number or federal employer identification number.
- The amount of agricultural biomass tax credit approved for the tax year of the attached return.
- For carryforward credits, the credit number, approved amount, and total credit already applied to previous tax liabilities. Use these details to complete Schedule A.
How to file
- Enter credits approved for the tax year of the attached return on line 1.
- Complete Schedule A to calculate unused credits available for carryforward. Enter the total on line 2. If you attach supplemental pages, include the totals from all pages.
- Add lines 1 and 2 and enter the result on line 3.
- Enter the portion you are claiming on the current return on line 4. It cannot exceed your personal or corporate income tax liability otherwise due.
- Enter the credit claimed on the applicable line of your PIT-1, CIT-1, S-Corp, or FID return.
- Attach Form RPD-41361 to that return and mail it to the address printed on the New Mexico income tax return.
Common mistakes
- Forgetting to attach this form. The form warns that failure to attach it to your New Mexico personal or corporate income tax return will result in denial of the credit.
- Claiming more than your tax liability. The credit applied cannot exceed the personal or corporate income tax liability otherwise due.
- Applying credits in the wrong order. First apply the credit approved for the tax year on line 1, then apply carryforward credits from line 2. For prior-year credits, use the credit with the oldest approval date first.
- Applying the credit to other taxes. It may be deducted only from the claimant's New Mexico personal or corporate income tax liability.
Questions people ask
Can I carry forward unused credit?
Yes. Excess credit may be carried forward for a maximum of four consecutive taxable years following the year the New Mexico Taxation and Revenue Department approved the credit.
How do I calculate the carryforward amount?
For each credit listed in Schedule A, subtract the total applied to previous tax liabilities from the approved amount. Add the remaining amounts in column (d), including any supplemental pages, and enter the total on line 2.
Does this form apply for credit approval?
The stated purpose of Form RPD-41361 is to apply an already approved credit to income tax due. For more information about the credit, the form refers you to the instructions on Form RPD-41362.
Where can I get help?
For assistance completing the form, obtaining approval, or claiming the credit, call (505) 827-0792 or email BusinessCredit.Mgr@state.nm.us.