Form Rpd-41282 - Land Conservation Incentives Credit Instructions (Page 2 of 2) in pdf

RPD-41282

State of New Mexico - Taxation & Revenue Department

Rev. 07/2007

Land Conservation Incentives Credit

Instructions

Page 2 of 2

41336, Notice of Transfer of Land Conservation Incentives

A qualified intermediary keeps an account of the credits and

Credit.

has the authority to issue sub-numbers registered with the

Taxation and Revenue Department. The qualified intermedi-

each credit amount listed in column (b), enter the total amount

ary obtains the sub-numbers by contacting TRD at (505)

of credit claimed against prior year returns. If you transferred

476-3683 or writing to the Taxation and Revenue Depart-

part of the credit to another taxpayer, add the amount of credit

ment, ARSB, PO Box 630, Santa Fe, NM 87124.

transferred.

(d) Unused credit available for carry forward. Subtract

A “qualified intermediary” does not include a person who:

column (c) from column (b). This is the amount of unused

•

has been previously convicted of a felony;

credit available to be applied to the current year return or car-

•

has had a professional license revoked;

ried forward. Unused land conservation incentives credits with

•

is engaged in public practice according to the Public

the oldest date of qualified donation should be applied first.

Accountancy Act pursuant to 61-28B-3 NMSA 1978;

•

is identified as a Real Estate Broker or Salesman

Line instructions.

according to 61-29-2 NMSA 1978; and

1. Using the worksheet, compute the unused credit available

•

any entity owned wholly or in part or employing any

for carry forward, and enter the sum of Column (d) on line 1. If

a schedule(s) are attached enter the sum of column (d), from

of the foregoing persons.

all pages.

2. Enter the portion of the credit available for carry forward

Completing Form RPD-41336, Notice of Transfer of Land

from line 1, that is claimed on your New Mexico personal or

Conservation Incentives Credit.

corporate income tax return. The amount of the credit claimed

The original credit number and the date of qualified donation

on a return cannot exceed the personal or corporate income

are taken directly from the approved Form RPD-41335, Land

tax due on that return.

Conservation Incentives Credit Application. The new credit

3. If you claimed a charitable deduction on the federal per-

number will include the original number plus the sub-num-

sonal income tax return for the contribution of land for which

ber issued by the qualified intermediary. For example, the

credit is claimed, enter the amount of the charitable deduc-

original credit number issued by the Department was 99199.

tion claimed on federal Form 1040, Schedule A. You will need

The qualified intermediary issues the sub-number -S14. The

to reduce your federal itemized deductions by the amount of

new credit number is 99199-S14. The new credit number

the credit for the contribution, and enter that amount on line

references the original credit number for tracking purposes.

8, Form PIT-1, New Mexico personal income tax return.

The amount of land conservation incentives credit transferred

is denoted. The amount of credit transferred cannot be less

Enter the credit claimed on the applicable line of the New

than $10,000.

Mexico income tax form, PIT-1, CIT-1, PTE or FID. The Land

Conservation Incentives Credit Claim Form must be attached

Complete the form by entering the name and identifying

to the income tax return, or if electronically filed, submitted to

information of the holder from whom the credit is transferred

TRD as instructed to claim the credit.

and the name and address and identification number of the

new holder to whom the credit is being passed. Enter the

About Form RPD-41336, Notice of Transfer of Land Con-

date of the transfer of the credit.

servation Incentives Credit.

A conveyance made on or after January 1, 2008, or an incre-

The qualified intermediary is required to provide their infor-

ment of that tax credit may be sold, exchanged or otherwise

mation and to affirm under penalty of perjury that the notice

transferred, and may be carried forward for a period of 20 tax-

is true correct and complete. The statement must be nota-

able years following the tax year in which the credit originated

rized to be valid.

until fully expended. A tax credit or increment of a tax credit

may only be transferred once. The credit may be transferred

The form must be provided to TRD within 10 days of the

to any taxpayer. In no event may the transferred credit be

transfer. Mail the form to the Taxation and Revenue Depart-

used more than 20 years after it was originally issued. Cred-

ment, ARSB, PO Box 630, Santa Fe, New Mexico 87504-

its transferred must be in increments of at least $10,000.

0630.

A credit issued must be transferred through a qualified inter-

If you need assistance completing this form, call (505) 476-

mediary. The qualified intermediary shall complete and nota-

3683.

rize Form RPD-41336, Notice of Transfer of Land Conserva-

tion Incentives Credit, notifying the Taxation and Revenue

Department of the transfer and of the date of the transfer,

within 10 days of the transfer.

Form Rpd-41282 - Land Conservation Incentives Credit Instructions Page 2

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