TRD-41421: TRD-41421 Clean Car Charging Unit Tax Credit Claim Form (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
Form TRD-41421 is used to claim New Mexico’s clean car charging unit tax credit after certification by the Energy, Minerals and Natural Resources Department (EMNRD). It reports the credit applied against New Mexico income tax and any excess credit to be refunded. Schedule A recor
Who files this form
Use Form TRD-41421 to claim a clean car charging unit tax credit certified by the New Mexico Energy, Minerals and Natural Resources Department (EMNRD).
For tax year 2024, you may claim the credit if you file a New Mexico personal, corporate, S-corporation, or fiduciary income tax return and meet the purchase, installation, and certification requirements. The electric vehicle charging unit or fuel cell charging unit must be purchased and installed in New Mexico.
When it's due
The tax year 2024 form lists these timing requirements:
- Eligible tax years must begin on or after January 1, 2024, and no later than December 31, 2029.
- The charging unit must be purchased and installed after May 15, 2024, but before January 1, 2030.
- Claim the credit within three taxable years of the end of the year in which EMNRD certifies it.
The form does not state a tax year 2024 income tax return filing deadline.
What you'll need
Attach these documents to your income tax return:
- A completed Form TRD-41421.
- A copy of the EMNRD certification letter approving your credit.
- A completed Schedule CR for the applicable return.
To complete TRD-41421, have your tax year dates, taxpayer name, SSN or FEIN, address, contact information, and net New Mexico income tax before credits available.
If a business entity allocates the credit to partnership or LLC members, complete Schedule A. You will need the EMNRD certificate number and approved credit amount, plus each member’s name, SSN or FEIN, and ownership percentage.
How to file
- Apply for credit certification through EMNRD. Contact its Energy Conservation and Management Division at (505) 476-3310 or EMNRD.taxcredits@emnrd.nm.gov, or visit https://www.emnrd.nm.gov/.
- Complete TRD-41421 with your taxpayer information and tax year dates. Enter your net New Mexico income tax before credits, the credit applied against that tax, and the excess credit to be refunded.
- Complete Schedule A if the credit is being allocated to partnership or LLC members. Use a separate Schedule A for each allocated credit.
- Sign and date the form. Attach it, the EMNRD certification letter, and the applicable Schedule CR to your corresponding tax year Form PIT-1, CIT-1, S-Corp, or FID-1.
The supplied form does not give a mailing address or e-filing instructions.
Common mistakes
- Do not claim this credit if you already used the same purchase and installation expenses for the 2021 sustainable building tax credit.
- Do not use an ineligible tax year. Tax years beginning before January 1, 2024, or after December 31, 2029, are not eligible.
- When allocating a business entity’s credit, allocate it in proportion to each member’s ownership interest. The total claimed by all members cannot exceed the amount on the EMNRD certificate.
Questions people ask
What purchase and installation costs qualify for the credit?
The form says the credit is available for purchase and installation costs up to $25,000 for a direct current fast charger unit or fuel cell charging unit. For other electric vehicle charging units, it is available for purchase and installation costs up to $400.
What if my credit is larger than my tax liability?
Any claimed credit exceeding your tax liability is refunded. Enter the excess amount on line 4.
Can a business entity allocate the credit to its members?
Yes. Schedule A provides for allocating the credit to partnership or LLC members in proportion to their ownership interests. The total cannot exceed the certified credit amount.
Where can I get help completing the form or claiming the credit?
Call (505) 827-0792 or email BusinessCredit.Mgr@tax.nm.gov.