TRD-41420: TRD-41420 Notice of Transfer of Clean Car Tax Credit (Revision)
New Mexico · New Mexico TRD · Used for tax years 2024, 2025, 2026
Form TRD-41420 notifies the New Mexico Taxation and Revenue Department of a sale, exchange, or transfer of an approved clean car tax credit. It reports the credit number, first eligible tax year, transfer date, credit amount, and information about the current and new holders.
Who files this form
Form TRD-41420 notifies the New Mexico Taxation and Revenue Department of a sale, exchange, or transfer of an approved clean car tax credit.
The form may be used by:
- An EMNRD-approved credit holder who has not claimed any part of the credit.
- A Department-approved transfer holder who has not claimed any part of the credit and transfers it to another taxpayer.
Before using the form, the current holder must have an EMNRD certificate of eligibility or a previously completed, Department-approved Form TRD-41420.
What you'll need
Have the following ready:
- The current holder’s EMNRD certificate of eligibility or previously completed, Department-approved Form TRD-41420.
- The certificate/project number or credit number and first eligible tax year.
- The transfer date and amount of credit transferred.
- Both holders’ names, SSNs, ITINs, or FEINs, and contact information.
- The new holder’s mailing address.
Both holders, or their authorized representatives, must sign and date the notice. For a mailed submission, the text says to include the holder’s Department approval documentation with the transfer form.
How to file
Electronic filing is required. Submit the form through the Department’s Taxpayer Access Point (TAP) at https://tap.state.nm.us. An e-file exception or waiver can be requested to submit a paper form.
To complete the notice:
- Enter the credit number, first eligible tax year, transfer date, and credit amount in Section 1.
- Identify the transferring holder in Section 2 and sign and date the authorization. If a partnership or other business association is passing credit to its owners, enter the new holder’s ownership percentage.
- Identify the new holder in Section 3. The new holder or authorized representative must sign and date.
- Leave Section 4 for Department use.
The text also says the signed notice must be mailed within 10 days of the sale, exchange, or transfer. It lists this mailing address for the form and the holder’s Department approval documentation:
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, call (505) 827-0792 or email BusinessCredit.Mgr@tax.nm.gov.
Common mistakes
- Overlooking the e-file requirement. The form requires electronic filing and says an exception or waiver can be requested for paper filing.
- Transferring a partially claimed credit. Once any part has been claimed, the credit can no longer be sold, exchanged, or transferred.
- Splitting the credit between taxpayers. The credit must be transferred for its full value and cannot be divided between taxpayers.
- Missing signatures or dates. Both holders, or their authorized representatives, must sign and date the notice.
- Overlooking the mailing reminder. The text says the notice must be mailed within 10 days of the sale, exchange, or transfer.
Questions people ask
Can I transfer the credit after claiming part of it?
No. A partially claimed credit can no longer be sold, exchanged, or transferred.
Can I divide the credit between different taxpayers?
No. The credit cannot be split or divided between taxpayers. It must be transferred for its full value.
Can the new holder transfer the credit again?
A Department-approved transfer holder who has not claimed any portion of the credit may transfer it to another taxpayer. The new holder will need the Department-approved Form TRD-41420 for that later transfer.
Where do I find the credit number and first eligible tax year?
Look on the EMNRD certificate of eligibility. If the credit has already been transferred, look on the prior Form TRD-41420.