TRD-41419: TRD-41419 Clean Car Tax Credit Claim Form (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
Form TRD-41419 is used to claim New Mexico’s Clean Car Tax Credit against personal, fiduciary, corporate, or S corporation income tax. It reports the credit applied to income tax and any excess credit being refunded, and includes a schedule for business entities allocating the cr
Who files this form
Use TRD-41419 if you have been certified for the Clean Car Tax Credit by the Energy, Minerals and Natural Resources Department (EMNRD) and want to claim it against New Mexico personal, fiduciary, corporate, or Sub-Chapter S corporate income tax.
The credit applies to qualifying electric, plug-in hybrid electric, or fuel cell vehicles purchased or newly leased on or after May 15, 2024, but before January 1, 2030. A new lease must be for at least three years. Tax years beginning before January 1, 2024, are not eligible.
You must obtain EMNRD certification before claiming the credit.
When it's due
For a 2024 tax-year claim:
- The tax year must begin on or after January 1, 2024.
- The vehicle purchase or new lease must occur on or after May 15, 2024. The printed eligibility window ends before January 1, 2030.
- Apply for EMNRD certification no later than one year after purchasing the vehicle or entering into the lease.
- Claim the credit within three taxable years of the end of the year in which EMNRD certifies it.
- If you sell, exchange, or otherwise transfer the credit, mail TRD-41420 to notify the Department within 10 days of the transfer.
The form does not print an income tax return filing due date.
What you'll need
Attach these items to your applicable New Mexico income tax return, PIT-1, FID-1, CIT-1, or S-Corp:
- Completed TRD-41419.
- Completed Schedule CR for that return: PIT-CR, FID-CR, CIT-CR, or S-Corp-CR.
- A copy of the EMNRD certificate of eligibility approving the credit.
- Schedule A on page 3, if an approved business entity is allocating the credit to partnership or limited liability company members.
To complete TRD-41419, have your taxpayer identification number, mailing address, contact details, tax-year beginning and ending dates, and New Mexico income tax amount before credits available.
For Schedule A, you also need the certificate/project number, approved credit amount, and each member’s name, taxpayer identification number, and ownership percentage.
How to file
- Obtain EMNRD certification. Contact the Energy Conservation and Management Division at (505) 476-3310 or visit https://www.emnrd.nm.gov/ecmd/.
- Complete your identifying information and tax-year dates on TRD-41419.
- Enter your net New Mexico income tax before credits on line 8, the credit claimed on the current return on line 9, and the excess credit being refunded on line 10.
- Enter the credit claimed on the applicable line of PIT-1, FID-1, CIT-1, or S-Corp. Sign and date TRD-41419 and include the required attachments.
Online: Sign in to Taxpayer Access Point (TAP) at https://tap.state.nm.us/Tap/_/ and follow the prompts to attach the form to your return.
By mail: Send forms and attachments to:
New Mexico Taxation and Revenue Department
Attn: Business Credit Claim Unit
P.O. Box 5418
Santa Fe, NM 87502-5418
For help completing the form or claiming the credit, call (505) 827-0792 or email BusinessCredit.Mgr@tax.nm.gov.
Common mistakes
- Leaving out required attachments. The form warns that failing to attach TRD-41419 and other required documents, including the EMNRD certificate, will result in denial of the credit.
- Using an ineligible tax year. Tax years beginning before January 1, 2024, are not eligible.
- Transferring a partially claimed credit. The credit must be transferred in full. Once partially claimed, it can no longer be transferred.
- Allocating too much credit to business members. Allocations must follow ownership interests, and the total claimed by all members cannot exceed the credit approved on the EMNRD certificate.
Questions people ask
What are the credit amounts for tax year 2024?
The printed table lists $3,000 for a new electric vehicle; $2,500 for a new plug-in hybrid electric or fuel cell vehicle; $2,500 for a previously owned electric vehicle; and $2,000 for a previously owned plug-in hybrid electric or fuel cell vehicle.
What happens if the credit is more than my tax liability?
Any credit claimed that exceeds your tax liability is refunded.
Can married taxpayers filing separately each claim the full credit?
No. If they could have filed a joint return, each may claim only one-half of the credit that would have been claimed on a joint return.
Can I transfer the credit to another taxpayer?
Yes. The credit can be sold, exchanged, or otherwise transferred for its full value. It must be transferred in full and cannot be transferred after being partially claimed. Mail TRD-41420 within 10 days to notify the Department. The Department will issue the new holder a transfer approval, a new credit number, and instructions for applying the credit.