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State of New Mexico - Taxation and Revenue Department

RPD-41244

Rev. 08/17/2015

TECHNOLOGY JOBS AND RESEARCH AND DEVELOPMENT TAX CREDIT CLAIM FORM

Instructions

USING THE TECHNOLOGY JOBS AND RESEARCH AND

for a period of up to three years from the date of the original

DEVELOPMENT TAX CREDIT

claim.

The Basic Tax Credit may be applied against the taxpayer’s

Schedule A Instructions

compensating tax, withholding tax or gross receipts tax (ex-

For each technology jobs tax credit approved, complete a

cluding local option gross receipts tax) due to the state of

row in Schedule A. Do not include credits which have been

New Mexico. No taxpayer may claim an amount of approved

claimed in full.

basic credit for any reporting period that exceeds the sum of

the taxpayer’s compensating tax, withholding tax and gross

COLUMN INSTRUCTIONS

recipts tax (excluding local option gross receipts tax) due for

that reporting period.

(a) Credit number. Enter the credit number assigned by the

Taxation and Revenue Department on your approval docu-

Approved basic credit may be carried forward for a period of

mentation.

up to three years from the date of the original claim.

(b) Date of approval. Enter the date of the Department's

When computing the amount of technology jobs and research

approval for the credit from your approval documentation.

and development tax credit that can be claimed against gross

receipts tax, multiply the gross receipts by 3.9% if the location

amount of credit approved.

code reported is within municipality, and 5.125% if the location

(d) Credit previously claimed. For each credit, enter the

code is anywhere else within or outside New Mexico.

total amount of credit claimed in all report periods prior to the

The Additional Tax Credit may be applied against the tax-

current report period.

payer’s personal or corporate income tax. Except for qualified

(e) Unused credit. For each credit, subtract the amount in

research and development small businesses, no taxpayer

column (d) from the amount in column (c).

may claim an amount of additional credit for any reporting

(f) Amount applied to the attached return. For each credit,

period that exceeds the amount of the taxpayer’s personal or

enter in column (f) the amount that is applied to the attached

corporate income tax due for that reporting period.

New Mexico tax return.

Married individuals may each claim only one-half the additional

NOTE: Failure to attach this form and other required at-

credit. A pass-through entity (PTE) approved for additional

tachments to your New Mexico tax return

credit may pass the additional credit to its owners, partners

will result in denial of the credit.

or members using Form RPD-41368, Notice of Distribution of

Technology Jobs and Research and Development Tax Credit.

Refund for Certain Small Businesses

Qualified research and development small businesses may

claim a refund of all or a portion of approved additional credit.

If the total qualified expenditures for the tax year for which

the claim is made is:

•

less than $3,000,000, the excess additional credit shall

be refunded to the taxpayer;

•

greater than or equal to $3,000,000 and less than

$4,000,000, two-thirds of the excess additional credit

shall be refunded, and

•

greater than or equal to $4,000,000 and less than or equal

to $5,000,000, one-third of the excess additional credit

shall be refunded.

Carryforward of Additional Credit

Any amount of approved additional credit not claimed against

the taxpayers income tax or corporate income tax due for a

tax year or refunded to the taxpayer may be carried forward

Form Rpd-41244 - Technology Jobs And Research And Development Tax Credit Claim Form - 2015 Page 3

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