S-CORP-CR: 3. 2025 S-Corp-CR Tax Credit Schedule (2025)
New Mexico · New Mexico TRD · Used for tax years 2025
The 2025 New Mexico S-Corp-CR is a tax credit schedule for the Sub-Chapter S Corporate Income and Franchise Tax Return (Form S-Corp). It reports listed tax credits applied against corporate income tax and, when applicable, refundable portions of approved credits.
Who files this form
Use the 2025 Schedule S-Corp-CR if you are claiming any of the listed tax credits against New Mexico corporate income tax reported on Form S-Corp, the Sub-Chapter S Corporate Income and Franchise Tax Return.
You may also use this schedule to claim the refundable portion of approved tax credits, if applicable.
If you claim more than five credits, use the S-Corp-CR Supplemental Schedule for the sixth and any additional credits.
What you'll need
Have your Federal Employer Identification Number (FEIN), credit type codes, credit approval numbers, and the amounts you are applying to tax due or requesting as a refund. Use the credit's claim form or supporting instructions to calculate the amount you may claim.
Attach the backup documents required for each credit you claim:
Nonrefundable credits
- A01, Affordable Housing: RPD-41301 and MFA investment vouchers.
- A04, Advanced Energy: RPD-41334 and approval letter.
- A05, Agricultural Biomass: RPD-41361 and certificate of eligibility.
- A07, Advanced Energy Equipment: TRD-41429 and certificate of eligibility.
- C02, Corporate-Supported Child Care: CIT-3.
- F02, Foster Youth Employment: RPD-41390.
- G01, Geothermal Ground-Coupled Heat Pump: RPD-41346 and certificate of eligibility.
- G02, Intergovernmental Business: Entitlement statement and proof of payment.
- G05, Geothermal Electricity Generation: TRD-41428 and certificate of eligibility.
- J01, Job Mentorship: RPD-41281 and RPD-41280.
- L01, Land Conservation Incentives: RPD-41282 and approval letter of qualified donation.
- P01, Preservation of Cultural Property: CIT-4, certification letter, and Part 2 approval.
- R01, Rural Job: RPD-41243.
- S02, Sustainable Building: RPD-41329 and letter of eligibility.
- S03, 2015 Sustainable Building: RPD-41383 and letter of eligibility.
- S05, 2021 Sustainable Building: TRD-41252 and certificate of eligibility.
Refundable credits
- C03, Clean Car: TRD-41419 and certificate of eligibility.
- C04, Clean Car Charging Unit: TRD-41421 and certificate of eligibility.
- F01, Film Production; F03, New Film Production; and F04, New Mexico Film Partners New Film Production: RPD-41228.
- G04, Geothermal Ground-Coupled Heat Pump Corporate Income Tax Credit (2024): TRD-41427 and certificate of eligibility.
- R03, Renewable Energy Production: RPD-41227, certificate of eligibility, and other documents required for the credit.
- T02, Technology Jobs and Research and Development (Additional): RPD-41386.
The form marks some listed credits as repealed. For complete credit descriptions, it refers you to the S-Corp instructions and FYI-106, Claiming Business-Related Tax Credits for Individuals and Businesses.
How to file
- Enter your FEIN on Schedule S-Corp-CR.
- Complete columns A through D in rows 1 through 5, as applicable: credit type code, credit approval number, amount applied to tax due, and amount to refund.
- If claiming more than five credits, enter the additional credits on S-Corp-CR Supplemental Schedules. Use multiple supplemental schedules if needed.
- Add column C, including supplemental amounts, and enter the total on line A. Also enter this amount on Form S-Corp, line 5.
- Add column D for refundable credits, including supplemental amounts, and enter the total on line B. Also enter this amount on Form S-Corp, line 22.
- Attach Schedule S-Corp-CR, all supplemental schedules, and the required backup documents to Form S-Corp.
The supplied text does not give a mailing address or e-file directions.
Common mistakes
- Leaving claim forms incomplete. The form warns that incomplete claim forms may result in denial of the credit.
- Using your own table. You must use the printed table. Substitute schedules or tables are not allowed.
- Missing attachments. Attach the required backup documents, Schedule S-Corp-CR, and all supplemental schedules to Form S-Corp. The Department denies additional credit claims if the required schedules are not attached.
- Putting nonrefundable credits in the refund column. Nonrefundable credits may be claimed only in column C.
- Exceeding the stated limit. The form says the sum of credits claimed on Schedule S-Corp-CR may not exceed the amount on Form S-Corp-1, line 4.
- Leaving supplemental amounts out of your totals. Include them on Schedule S-Corp-CR, lines A and B, as applicable.
Questions people ask
Can this schedule be used to request a refund?
Yes. If applicable, you may claim the refundable portion of approved credits. The refundable credit codes listed are C03, C04, F01, F03, F04, G04, R03, and T02. Report refund amounts in column D.
What if I am claiming more than five credits?
Claim the first five on Schedule S-Corp-CR. Use the S-Corp-CR Supplemental Schedule for the sixth and any additional credits. You may use multiple supplemental schedules if needed.
Where do the totals go on Form S-Corp?
Transfer Schedule S-Corp-CR, line A, to Form S-Corp, line 5. Transfer Schedule S-Corp-CR, line B, to Form S-Corp, line 22.
Where can I find help calculating a credit?
Refer to the credit's claim form or supporting instructions. For complete descriptions of the credits, the schedule points to the S-Corp instructions and FYI-106, Claiming Business-Related Tax Credits for Individuals and Businesses.