Form Cit-3 - Corporate Child Care Credit - 2015

ADVERTISEMENT

2015 CIT-3
NEW MEXICO TAXATION AND REVENUE DEPARTMENT
CIT-3
CORPORATE CHILD CARE CREDIT
Rev. 03/27/2015
FEIN
Name of corporation (claimant)
New Mexico CRS I.D. No.
Name of New Mexico child care facility
Address of New Mexico child care facility
Section I. Qualifications for corporations operating an eligible child care facility for its employees
You must be able to answer yes to all of the following questions, or the child care facility is not eligible. If two or more cor-
porations share the cost of operating a child care facility that is primarily used for the care of dependents of employees of
the corporations, during the employee's hours of employment, answer yes to questions 1 and 2, and complete Schedule A.
Each corporation shall be allowed a credit in relation to the corporation's share of the cost of operating the child care facility.
1. Is the child care facility in New Mexico and used primarily by the dependent children of the corporation's employees?
YES
NO
2. Are the children primarily being cared for during the corporation's employee's hours of employment?
YES
NO
3. Is the child care facility operated under authority of a license pursuant to the Public Health Act (Sections 24-1-1 to
24-1-5; 24-1-6 to 24-1-21 NMSA 1978)?
YES
NO
4. Is the child care facility operated on a non-profit basis by the corporation(s)?
YES
NO
Section II. Calculating the credit for corporations operating a child care facility for its employees
5. Corporation's net operating cost ..............................................................................................
5. $ ______________
("Net operating cost" means the claimant's share of the cost of operating the eligible child care facility less any amounts collected as fees for use
of the facility, any federal tax credits with respect to the facility or its operation and any other payment or reimbursement from any other source that
the claimant received, but not the amount of corporate-supported child care credit allowed.)
6. Total number of children served by the child care facility including children
of non-employees ............................................................................................____________
7. Divide line 5 by line 6; enter the result here .............................................................................
7. $ ______________
8. Number of the corporation's employee's dependents served ..........................____________
9. Multiply line 7 by line 8. This is taxpayer's share of the net operating cost ..............................
9. $ ______________
10. Multiply line 9 by 30%. Enter the result or $30,000, whichever is less.
This is the amount of child care credit allowed for the current year ......................................... 10. $ ______________
Section III. Calculating the credit for corporations paying for child care services for its employees
11. Enter the total expenses, net of any reimbursements, or receipts from employees for
child care services incurred and paid by the corporation ......................................................... 11. $ ______________
12. Multiply line 11 by 30%. Enter the result or $30,000, whichever is less.
This is the amount of child care credit allowed for the current year ......................................... 12. $ ______________
Section IV. All corporations claiming the credit must complete lines 13 through 15
13. Child care credit carryforward from prior years, from Schedule B ........................................... 13. $ ______________
14. Credit available to the claimant in the current year (Add lines 10, 12 and 13) ......................... 14. $ ______________
15. Credit applied to the current year return. The total credit applied may not exceed $30,000 or
the amount of New Mexico income tax (line 12, Form CIT-1 or line 4, Form S-Corp) ............. 15. $ ______________
Unused credits may be carried forward for three consecutive years from the tax year in which the expenses were incurred.
NOTE: Failure to attach this form to your New Mexico corporate income tax return will result in denial of the credit.

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go
Page of 2