TRD-41417: TRD-41417 Notice of Transfer of New Solar Market Development Tax Credit (Revision)
New Mexico · New Mexico TRD · Used for tax years 2024, 2025, 2026
Form TRD-41417 reports the sale, exchange, or transfer of an approved New Mexico new solar market tax credit to the Taxation and Revenue Department. It identifies the current and new credit holders and reports the credit certificate number, amount transferred, first eligible tax
Who files this form
An approved holder must use Form TRD-41417 to report a sale, exchange, or other transfer of an approved new solar market tax credit to another holder.
The current holder must have either:
- A Certificate of Eligibility New Solar Market Development Income Tax Credit from the Energy, Minerals and Natural Resources Department (EMNRD), or
- A Taxation and Revenue Department (Tax & Rev) approved Form TRD-41417 from a previous transfer.
The credit must be unused and transferred in full. Only credits for systems purchased and installed in taxable years beginning on or after January 1, 2022, are eligible for transfer.
What you'll need
Have the following ready:
- The EMNRD certificate of eligibility or a previously approved Form TRD-41417 showing the credit information.
- The credit certificate number, approved credit amount, first eligible tax year, and transfer date.
- The current holder’s name, phone number, SSN or FEIN, email address, and contact name, if applicable.
- The new holder’s name, SSN or FEIN, and mailing address.
Mail the completed transfer form with the holder’s Tax & Rev approval documentation. Both parties, or their authorized representatives, must sign and date the notice.
How to file
- Enter the credit certificate number, first eligible tax year, transfer date, and full credit amount being transferred. Use the EMNRD certificate or the previously approved Form TRD-41417 for the credit details.
- Complete the “Transferred from” section for the current holder and the “Transferred to” section for the new holder.
- Have both parties, or their authorized representatives, sign and date the notice.
- Mail the signed notice and the holder’s Tax & Rev approval documentation within 10 days of the sale, exchange, or other transfer to:
New Mexico Taxation and Revenue Department
Business Credit Claim Unit
PO Box 5418
Santa Fe, NM 87502-5418
Common mistakes
- Transferring a credit after using part of it. A credit that has been partially claimed can no longer be transferred.
- Splitting the credit between taxpayers. The credit must be transferred in full.
- Missing a signature or date. Both transferring parties, or their authorized representatives, must sign and date the notice.
- Mailing the notice late. The form says it must be mailed within 10 days of the sale, exchange, or other transfer.
- Transferring an ineligible credit. Transfer eligibility is limited to systems purchased and installed in taxable years beginning on or after January 1, 2022.
Questions people ask
Can I transfer only part of my credit?
No. The credit must be transferred in full and cannot be split between taxpayers.
Can I transfer the credit if I have already claimed some of it?
No. Once any portion of the credit has been used, it cannot be transferred.
Can someone who received the credit through a transfer transfer it again?
Yes. A Tax & Rev approved transfer holder who has not claimed any portion may transfer it again. The holder will need the Tax & Rev approved Form TRD-41417.
Does the new holder need to sign the notice?
Yes. Both the current holder and the new holder, or their authorized representatives, must sign and date it.
Where can I get help completing the form?
Call the Business Credit Claim Unit at (505) 827-0792 or email BusinessCredit.Mgr@state.nm.us.