Instructions Draft For Pit-1 - New Mexico Personal Income Tax Return

who create additional jobs in rural

production tax credit for certain

facilities, such as solar thermal

areas;

electric generating, advanced tech-

production and postproduction ex-

nology coal generating, or recycled

penditures made in New Mexico for

• Technology jobs (additional) tax

an eligible film production company.

energy;

credit for expenses in conducting

qualified research and develop-

•

Geothermal ground-coupled heat

The PIT-B, Allocation and Appor-

ment;

pump tax credit for the purchase

tionment Schedule, is filed with the

and installation of a geothermal

• Credit for electronic card-reading

PIT-1 return to allocate and apportion

ground-coupled heat pump in a

equipment purchased by busi-

income received from employment,

residence, business, or agricultural

nesses for age verification;

business, or property sources located

enterprise in New Mexico;

• Job mentorship tax credit for

DRAFT 1.2

inside and outside New Mexico.

•

Agricultural biomass tax credit for

employing youth participating in

owners of a dairy or feedlot for

a school-sanctioned, career

The PIT-D, Voluntary Contributions

each wet ton of agricultural biomass

preparation education program;

Schedule, must be attached to the

transported to a facility that uses

•

Land conservation incentives credit

PIT-1 return if you want to contribute

the agricultural biomass to gener-

for donations of land or interest in

to one or more of the voluntary contri-

ate electricity or to make biocrude

land certified as eligible for treat-

10-08-2013

bution funds from an overpayment on

or other liquid or gaseous fuel for

ment as a qualified donation for

your return.

commercial use;

conservation purposes by the Sec-

•

Approved film production tax credit

retary of the Department of Energy,

New Mexico and Federal Extension

for certain production and postpro-

Minerals and Natural Resources;

of Time to File. Complete PIT-1, line 6

duction expenditures made in New

•

Affordable housing tax credit for

if you have an approved state or fed-

Mexico for an eligible film produc-

persons who have invested in an af-

eral extension. Please do not attach

tion company;

fordable housing project approved

a copy of a federal extension request

•

Cancer clinical trial tax credit for

by the Mortgage Finance Authority

that is automatically granted, or a copy

oncologists who supervise patients

(MFA);

of an approved state extension. See

participating in a cancer clinical trial

•

Solar market development tax

Extension of Time to File on page 13

beginning on or after January 1,

credit for individuals who have

of these instructions for more informa-

2012, but before January 1, 2016;

purchased and installed certain

tion. If the Internal Revenue Service

qualified photovoltaic or solar ther-

(IRS) grants an additional extension,

•

Veterans employment tax credit for

mal systems in their residence,

attach a copy of the approved federal

taxpayers who employ a qualified

business, or agricultural enterprise

extension.

military veteran in New Mexico and

in New Mexico;

who file a personal or corporate

If you qualify for a federal or state ex-

•

Blended Biodiesel Fuel Tax Credit

income tax return for a tax year

tension for military personnel deployed

for companies that blend and dis-

beginning on or after January 1,

in a combat zone, special instructions

tribute motor fuels containing at

2012 and ending before January

and backup are required. See publica-

least 2% biodiesel;

1, 2017.

tion FYI-311, Military Extensions for

•

Sustainable building tax credit for

New Mexico Personal Income Tax,

building or renovating residential or

File PIT-RC, Rebate and Credit

for details.

commercial buildings into sustain-

Schedule, if you want to claim any of

able buildings;

the following refundable credits:

If you qualify for a special federal

•

Angel investment credit for certain

extension, refer to the Department

• Low income comprehensive tax

qualifying investments in high-

web page to determine whether New

rebate,

technology or manufacturing busi-

Mexico offers a similar extension and

• Property tax rebate (for low-income

nesses;

how you may take the extension.

persons 65 or older),

•

Rural health care practitioners tax

credit for health care practitioners

• Additional low income property tax

PAYMENT VOUCHERS

who provide health care in an ap-

rebate for Los Alamos or Santa Fe

The Department supports the fast and

proved rural health care under-

County residents,

secure filing of electronic payments for

served area;

• Child day care credit,

PIT-PV, PIT-EXT, and PIT-ES. Visit our

•

Agricultural Water Conservation

website at https://efile.state.nm.us.

•

Refundable medical care credit for

Tax Credit for expenses incurred

persons 65 years of age or older,

for eligible improvements in irriga-

PIT-PV, Personal Income Tax Pay-

• Special needs adopted child tax

tion systems or water management

ment Voucher. If your return shows

credit,

methods used to produce agricul-

a balance due and you choose to pay

tural products, harvest or grow

• Renewable energy production tax

by mail or delivery to one of our local

trees, or sustain livestock;

credit,

offices, you need to complete the PIT-

•

Advanced energy tax credit for

PV payment voucher and include it

construction of advanced energy

with your check or money order. Also

• A refundable portion of the film

PIT-1

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Instructions Draft For Pit-1 - New Mexico Personal Income Tax Return - 2013 Page 10

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