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RPD-41290

State of New Mexico - Taxation and Revenue Department

Rev. 08/2010

HIGH-WAGE JOBS TAX CREDIT CLAIM FORM

INSTRUCTIONS

HOW TO COMPLETE THIS FORM

Enter the name of the business and the New Mexico combined report system (CRS) identification number. The name of the

business and the New Mexico CRS identification number should be the same as indicated on the returns to which you wish

to apply the high-wage jobs tax credit. The high-wage jobs tax credit may not be transferred to another taxpayer. If the name

or identification number is different, attach a letter of explanation. Complete Columns A through C instructing the Depart-

ment how to apply the approved high-wage jobs tax credit. If additional space is needed, attach a separate worksheet in

the same format. Compute the maximum amount of credit that may be applied to the tax liability indicated on the return(s)

using the instructions below.

Line 1. Enter the total amount of credit to be applied (the sum of Column C). If a separate worksheet is attached, enter the

amount of credit to be applied from all pages on line 1.

Line 2. Enter the amount of approved high-wage jobs tax credit. If more than one high-wage jobs tax credit has been ap-

proved, enter the sum of the approved high-wage jobs tax credit applications. Do not enter any approved high-wage jobs

tax credits that have been previously claimed.

Line 3. Subtract Line 1 from Line 3. This is the amount of high-wage jobs tax credit to be refunded.

Sign and date the declaration at the bottom of the form.

HOW TO DETERMINE THE AMOUNT OF CREDIT THAT MAY BE APPLIED

Approved high-wage jobs tax credit may be deducted from the modified combined tax liability* of the taxpayer. If the

credit exceeds the modified combined tax liability of the taxpayer, the excess shall be refunded to the taxpayer. *Modi-

fied combined tax liability means the total liability for the reporting period for the gross receipts tax imposed by Sec-

tion 7-9-4 NMSA 1978 together with any tax collected at the same time and in the same manner as the gross receipts

tax, such as the compensating tax, the withholding tax, the interstate telecommunications gross receipts tax, the sur-

charge imposed by Section 63-9D-5 NMSA 1978 and the surcharge imposed by Section 63-9F-11 NMSA 1978, mi-

nus any credit other than the high-wage jobs tax credit applied against any or all of these taxes or surcharges, but

“modified combined tax liability” excludes all amounts collected with respect to local option gross receipts taxes.

To compute the maximum amount that may be applied against a CRS-1 return

To determine the maximum amount of approved high-wage jobs tax credit that may be applied to a CRS-1 return, follow

steps A through H below. The high-wage jobs tax credit may also be applied to penalty and interest.

A. Enter the total of the taxable gross receipts, excluding the taxable interstate

telecommunication gross receipts, reported (Column F of the CRS-1)

B. Multiply Line A by 5.125% and enter here

C. Enter the compensating tax reported (Line 2 of the CRS-1)

D. Enter the withholding tax reported (Line 3 of the CRS-1)

E. Enter the total of the interstate telecommunications gross receipts tax reported

(Column H of the CRS-1)

F. Enter the sum of Lines B through E

G. Enter the amount of any credit other than the high-wage jobs tax credit applied

against the CRS-1 return

H. Subtract Line G from F. This is the maximum amount of high-wage jobs tax credit

that may be applied against this CRS-1 return

Note: The high-wage jobs tax credit may not be applied against leased vehicle surcharges reported in Column H of the CRS-1 return.

To compute the maximum amount that may be applied against an E911 or TRS return

To determine the maximum amount of approved high-wage jobs tax credit that may be applied to an E911 or telecommunica-

tion relay service surcharge (TRS) return, subtract any credit other than the high-wage jobs tax credit applied to the return

from 100% of the tax liability shown on the E911 or the TRS return. The high-wage jobs tax credit may also be applied to

penalty and interest.

Form Rpd-41290 - High-Wage Jobs Tax Credit Claim Form - State Of New Mexico Taxation And Revenue Department Page 2

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