Form Rpd-41334 - Advanced Energy Tax Credit Claim Form (Page 2 of 4) in pdf

State of New Mexico - Taxation and Revenue Department

RPD-41334

Rev 12/12/2011

ADVANCED ENERGY TAX CREDIT CLAIM FORM

INSTRUCTIONS

HOW TO APPLY FOR THIS CREDIT: A qualified generating

is located in a municipality, and 5% of the gross receipts if

facility or an interest owner, on behalf of the qualified gen-

the taxpayer’s business location is anywhere else within or

erating facility, must apply for a certificate of eligibility from

outside New Mexico.

the New Mexico Environment Department (NMED) before

To claim approved advanced energy tax credit against Form

applying to obtain approval to claim the advanced energy tax

PIT-1, attach a completed Form RPD-41334, Advanced En-

credit (advanced energy income tax credit, advanced energy

ergy Tax Credit Claim Form, to Form PIT-1, New Mexico

corporate income tax credit and the advanced energy com-

Personal Income Tax Return or to Form FID-1, New Mexico

bined reporting tax credit). NMED determines if the facility is a

Fiduciary Income Tax Return. Enter the amount of credit

qualified generating facility and issues a certificate within 180

claimed against the current return on Schedule PIT-CR or

FID-CR. Do not claim more credit than the tax due shown

days after receiving all information necessary to determine

on Form PIT-1 or FID-1. A husband and wife who file sepa-

eligibility. Fees imposed by NMED will apply, but may not

rate returns for a tax year in which they could have filed a

exceed $150,000. For assistance in obtaining a certificate of

joint return may each claim only one-half of the advanced

eligibility and applicable fees, call (505) 476-4334.

energy income tax credit that would have been allowed on

Once NMED issues a certificate, the claimant may submit a

a joint return.

completed Form RPD-41333, Advanced Energy Tax Credit

To claim approved advanced energy tax credit against

Application, to the New Mexico Taxation and Revenue Depart-

Forms CIT-1 or S-Corp, attach a completed Form RPD-

ment (TRD) for approval. The certificate of eligibility must be

41334, Advanced Energy Tax Credit Claim Form, to Form

attached to the application, along with information required

CIT-1, New Mexico Corporate Income and Franchise Tax

to determine the amount of allowable advanced energy tax

Return, or to Form S-Corp, New Mexico Sub-Chapter S

credits. The application must be submitted within one year

Corporate Income Tax Return. Enter the amount of credit

following the end of the calendar year in which the eligible

claimed against the current return on Schedule CIT-CR or

generation plant costs are incurred. TRD will issue an ap-

S-Corp-CR. Do not claim more credit than the corporate

proval for the credit, and the claimant may then use Form

income tax due on Form CIT-1, or more than the corporate

RPD-41334, Advanced Energy Tax Credit Claim Form, to

income tax due on Form S-Corp. The credit cannot be ap-

plied against any franchise tax due.

claim the credit against personal or corporate income taxes,

and gross receipts, compensating and withholding tax due

Mail the return and the claim form, RPD-41334, to the ad-

to the State of New Mexico.

dress on the Form CRS-1, CIT-1, S-Corp or FID-1 to which

you wish to apply the credit. For assistance call (505) 476-

HOW TO CLAIM THIS CREDIT: To claim approved ad-

3683.

vanced energy tax credits you must attach a completed

Form RPD-41334, Advanced Energy Tax Credit Claim Form,

RECAPTURE: If NMED issues a certificate of eligibility to

to the return to which you wish to apply the credit. The credit

a taxpayer stating that the facility is a qualified generating

may not exceed the tax liability due on the return. Excess

facility and the taxpayer does not sequester or control car-

advanced energy tax credits can then be carried forward for

bon dioxide emissions to the extent required by January 1,

up to ten years and can be applied to any combination of

2017, or 18 months after the commercial operation date of

personal or corporate income tax, gross receipts tax, com-

the qualified generating facility, the taxpayer’s certification as

pensating tax or withholding tax due the claimant.

a qualified generating facility shall be revoked by NMED and

the taxpayer shall refund to the state tax credits granted. If

To claim approved advanced energy tax credit against the

the taxpayer demonstrates to the New Mexico Environment

CRS-1 return, you must file the full-page version of the New

Department that the taxpayer made every effort to sequester

Mexico CRS-1 Form. Complete the CRS-1 Long Form and

or control carbon dioxide emissions to the extent feasible and

supplemental forms, if any, according to the instructions.

the facility’s inability to meet the sequestration requirements

Do not reduce the tax liability on the CRS-1 Long Form to

of a qualified generating facility was beyond the facility’s

reflect the advanced energy tax credit claimed. Instead, un-

control, NMED shall determine, after a public hearing, the

derpay the tax liability shown on the return by the amount

amount of the tax credit that should be refunded. NMED, in

of tax credit claimed and attach a completed Form RPD-

its determination, shall consider the environmental perfor-

41334, Advanced Energy Tax Credit Claim Form. Do not

mance of the facility and the extent to which the inability to

enter a negative number or claim more credit than the tax

meet the sequestration requirements of a qualified generat-

due shown on the CRS-1 Long Form for the current report

ing facility was in the control of the taxpayer. The refund, as

period. When computing the amount of advanced energy

determined by NMED, shall be paid within 180 days following

combined reporting tax credit that may be claimed against

a final order by NMED.

the gross receipts reported on a return, compute the credit

at 3.775% of the gross receipts if the taxpayer’s business

Form Rpd-41334 - Advanced Energy Tax Credit Claim Form Page 2

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