TRD-41429: Advanced Energy Equipment Tax Credit Claim Form (2025)
New Mexico · New Mexico TRD · Used for tax years 2025
Form TRD-41429 is used to claim New Mexico’s advanced energy equipment tax credit against personal, fiduciary, or corporate income tax. It reports the credit amount claimed, with Schedule A tracking approved credits, amounts previously claimed, and unused credits applied to the c
Who files this form
Use Form TRD-41429 to claim an advanced energy equipment tax credit certified by the New Mexico Energy, Minerals and Natural Resources Department (EMNRD) against personal, fiduciary, or corporate income tax.
The credit is available to taxpayers who file a New Mexico income tax return for a tax year beginning on or after January 1, 2025, and make qualified expenditures for a qualified manufacturing facility in New Mexico on or before December 31, 2032. You must obtain EMNRD certification before claiming the credit.
If you transfer the entire credit to another taxpayer, you do not need this claim form. Report the transfer on Form TRD-41430 instead.
When it's due
The 2025 version lists these eligibility dates:
- January 1, 2025: The credit is available for tax years beginning on or after this date.
- December 31, 2032: Qualified expenditures must be made on or before this date.
- January 1, 2034: Line 1 states that tax years after this date are not eligible.
The text does not print a filing due date for the 2025 income tax return.
What you'll need
To claim the credit, attach these items to your New Mexico income tax return:
- Completed Form TRD-41429.
- The applicable Schedule CR: PIT-CR, FID-CR, CIT-CR, or S-Corp-CR.
- A copy of your EMNRD certificate of eligibility.
- Schedule A if you are claiming a remaining carryforward credit.
- Schedule B if a business entity awarded the credit is allocating it to members of a partnership or limited liability company.
Have your taxpayer identification number, contact information, tax-year beginning and ending dates, and net New Mexico income tax amount available. For Schedule A, you need certificate details and amounts claimed in earlier years. For Schedule B, you need each member’s name, taxpayer identification number, and ownership percentage.
How to file
- Get certified by EMNRD. Apply for preliminary certification before incurring a qualified expenditure. Seek final certification within 12 months after production of an advanced energy product begins. Visit EMNRD to apply for the credit.
- Complete Form TRD-41429. Enter your taxpayer details and tax-year dates. Enter net New Mexico income tax before credits on line 2 and the credit amount being claimed on line 3. Sign and date the form.
- Attach the claim package to your return. The instructions list Form PIT-1, FID-1, or CIT-1, along with the applicable Schedule CR, certificate copy, and required schedules.
- Use TAP for online attachment. Sign in to Taxpayer Access Point and follow the prompts to attach this form to your return.
Claim the credit for the taxable year stated on the certificate of eligibility within 12 months of receiving the certificate. The text does not provide a mailing address for Form TRD-41429.
Common mistakes
- Leaving out the claim form or certificate. The credit will be denied if you do not submit Form TRD-41429 and a copy of the EMNRD certificate of eligibility.
- Claiming more than the tax limit. The credit used cannot exceed the net New Mexico income tax due. Schedule A says to calculate this limit before withholding, payments, or tax credits.
- Reusing fully claimed credits. Do not include credits on Schedule A that were claimed in full in earlier years.
- Using newer credits first. Apply credits in the order approved, using the oldest credit first.
- Allocating a business credit incorrectly. Allocate it according to ownership interests. The total claimed by all members cannot exceed the certified credit amount.
Questions people ask
Can I carry forward an unused credit?
Yes. Unused credits may be carried forward for a maximum of five consecutive years. Complete Schedule A when claiming a remaining carryforward amount.
Can I sell or transfer the credit?
Yes. The credit may be sold, exchanged, or otherwise transferred in increments of at least $1,000,000, or in full. Once it has been partially claimed, it can no longer be transferred. Form TRD-41430 must be mailed within 10 days of the transfer to notify the Taxation and Revenue Department.
How does the credit work for married taxpayers filing separately?
If you could have filed a joint return, each spouse may claim only one-half of the credit that would have been claimed on a joint return.
Where can I get help with this claim?
Call (505) 827-0792 or email BusinessCredit.Mgr@tax.nm.gov for help completing the form or claiming the credit.