RPD-41362: RPD-41362 Agricultural Biomass Tax Credit Approval (Revision 2020-05)
New Mexico · New Mexico TRD · Used for tax years 2024
Form RPD-41362 requests approval from the New Mexico Taxation and Revenue Department for the agricultural biomass tax credit. It identifies the qualifying facility owner and any other credit holder, includes their certifications, and records the department's approval decision and
Who files this form
Owners of qualifying facilities must submit Form RPD-41362 to obtain approval for the agricultural biomass tax credit.
If a partnership or other business association owns the facility, the owner may pass the credit to its members, managers, partners, shareholders, or beneficiaries. The form directs the owner to complete Section II and submit a separate Form RPD-41362 for each member, partner, shareholder, or beneficiary receiving the credit.
What you'll need
- A copy of the agricultural biomass tax credit certificate of eligibility issued by the New Mexico Energy, Minerals and Natural Resources Department (EMNRD).
- The facility owner's name, Social Security number or federal employer identification number, mailing address, phone number, contact name, and email address.
- If someone other than the facility owner will hold the credit, that holder's name, tax identification number, mailing address, phone number, contact name, and percentage of ownership interest in the partnership or other business association.
How to file
- Enter the facility owner's information. Section I is for the Taxation and Revenue Department to complete.
- Complete Section II if the credit holder is someone other than the eligible facility owner.
- Mark the applicable certification boxes in Section III. The facility owner and, if different, the holder must sign and date their statements.
- Attach a copy of the EMNRD certificate of eligibility.
- Mail the form and attachment to:
New Mexico Taxation and Revenue Department
Business Credit Claim Unit
P.O. Box 5418
Santa Fe, New Mexico 87502-5418
Once approved, the form will be returned to the owner or holder, who may then begin claiming the credit.
Common mistakes
- Leaving out the certificate: The form requires a copy of the EMNRD certificate of eligibility.
- Skipping the certification boxes: The facility owner and any separate holder are directed to mark their applicable boxes to certify the statements.
- Overlooking the same-biomass certification: The owner and any separate holder must certify that they have not and will not claim the agricultural biomass tax credit under Sections 7-2-18.26 and 7-2A-26 NMSA 1978 for transportation of the same agricultural biomass on which this credit claim is based.
- Signing without checking the form and attachments: Each signer certifies under penalty of perjury that the form and attachments are true, correct, and complete to the best of their knowledge and belief.
Questions people ask
When can I begin claiming the credit?
Once the department approves the credit and returns the form to the owner or holder, the owner or holder may begin claiming it.
Can the department approve a different amount?
Yes. The form allows the department to approve the credit as submitted, deny it, or approve it with an adjusted amount. A denial or adjustment comes with an attached explanation.
How much of a passed-through credit can a holder claim?
The form states that members, managers, partners, and beneficiaries may claim a credit only in proportion to their interest in the partnership or other business association. They will receive approval for their portion of the credit.
Where can I get help completing the form?
Call (505) 827-0792 or email BusinessCredit.Mgr@state.nm.us.