S-CORP-CR: 03. 2024 S-Corp-CR Tax Credit Schedule (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
The 2024 New Mexico S-Corp-CR is a tax credit schedule attached to Form S-Corp, the Sub-Chapter S Corporate Income and Franchise Tax Return. It reports credits applied against corporate income tax and any refundable portions of approved credits.
Who files this form
Use the 2024 Schedule S-Corp-CR to claim the listed tax credits against New Mexico corporate income tax reported on your Sub-Chapter S Corporate Income and Franchise Tax Return (Form S-Corp).
You may also use this schedule to claim the refundable portion of approved tax credits, if applicable. Attach it to Form S-Corp.
What you'll need
Have your Federal Employer Identification Number (FEIN), credit type codes, credit approval numbers, and Form S-Corp ready. Attach the supporting documents listed for each credit you claim.
Non-refundable credits
- Affordable Housing: RPD-41301 and vouchers.
- Agricultural Biomass: RPD-41361 and certification.
- Corporate-Supported Child Care: CIT-3.
- Foster Youth Employment: RPD-41390.
- Geothermal Ground-Coupled Heat Pump (G01): RPD-41346 and certification.
- Intergovernmental Business: entitlement statement and proof of payment.
- Job Mentorship: RPD-41281 and RPD-41280.
- Land Conservation Incentives: RPD-41282 and approval letter.
- Preservation of Cultural Property: CIT-4, certification, and Part 2 approval.
- Rural Job: RPD-41243.
- Sustainable Building (S02): RPD-41329 and letter of eligibility.
- 2015 Sustainable Building (S03): RPD-41383 and letter of eligibility.
- 2021 Sustainable Building (S05): TRD-41252 and certificate of eligibility.
Refundable credits
- Clean Car: TRD-41419 and certificate of eligibility.
- Clean Car Charging Unit: TRD-41421 and certificate of eligibility.
- Film Production, New Film Production, and New Mexico Film Partner New Film Production: RPD-41228.
- Geothermal Ground-Coupled Heat Pump Corporate Income Tax Credit (2024), code G04: TRD-41427 and certificate of eligibility.
- Renewable Energy Production: RPD-41227, certification, and other documents.
- Technology Jobs and Research and Development (Additional): RPD-41386.
If you claim more than five credits, also use the S-Corp-CR Supplemental Schedule.
How to file
- Enter your FEIN and complete columns A through D, as applicable, for each credit. Include the credit type code, approval number, amount applied to tax due, and any amount to refund.
- Claim non-refundable credits in column C only. For refundable credits, enter the amount applied to tax due in column C and the amount to refund in column D.
- Add column C and enter the total on line A and on Form S-Corp, line 5.
- Add column D and enter the total on line B and on Form S-Corp, line 22.
- If you claim more than five credits, put the first five on S-Corp-CR and the remaining credits on supplemental schedules. Include their totals on lines A and B.
- Attach S-Corp-CR, all supplemental schedules, and the required supporting documents to Form S-Corp.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Leaving claim information incomplete. Complete columns A through D where applicable. Incomplete claim forms may result in denial of the credit.
- Using your own table. You must use the form's table. Substitute schedules or tables are not allowed.
- Missing attachments. Attach the appropriate supporting documents, S-Corp-CR, and all supplemental schedules to Form S-Corp. The Department denies additional credit claims if the required schedules are not attached.
- Leaving supplemental amounts out of totals. Include those amounts on lines A and B, as applicable.
- Exceeding the stated limit. The form says the sum of credits claimed on S-Corp-CR may not exceed the amount on Form S-Corp-1, line 4.
Questions people ask
Can I claim a refund using this schedule?
Yes, if applicable, you may claim the refundable portion of approved credits. Enter the amount to refund in column D, total it on line B, and transfer that total to Form S-Corp, line 22.
What if I have more than five credits?
Claim the first five on S-Corp-CR. Use the S-Corp-CR Supplemental Schedule for the sixth and additional credits. You may use multiple supplemental schedules if needed.
How do I calculate the credit amount?
Refer to the claim form or supporting instructions for that credit. For a complete description of the credits, the schedule points to the S-Corp instructions and FYI-106, Claiming Business-Related Tax Credits for Individuals and Businesses.
Where do credits applied to tax due go on Form S-Corp?
Enter the total from S-Corp-CR, line A, on Form S-Corp, line 5.