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RPD-41372

State of New Mexico - Taxation and Revenue Department

Int. 06/07/2012

VETERAN EMPLOYMENT TAX CREDIT CLAIM FORM

INSTRUCTIONS

approved for the veteran employment tax credit for wages

ABOUT THIS TAX CREDIT:

For tax years beginning on or after January 1, 2012 but not

paid in a prior year and you have excess credit available to

after December 31, 2016, a taxpayer who employs a qualified

carry forward to the current tax year. NOTE: Excess credit

military veteran in New Mexico is eligible for a credit against

may not be refunded to the taxpayer, but may be carried

the taxpayer’s personal or corporate income tax liability for

forward for up to three years.

up to $1,000 for wages paid to each qualified military veteran

Attach this claim form (RPD-41372) to the tax return to which

who is employed full time in New Mexico. If the veteran is

you wish to apply the veteran employment tax credit.

employed for less than a full year, the credit for that year is

reduced based on the fraction of the year the veteran was

Approved credit should first be applied to the tax due for the

actually employed. The credits allowed per veteran are limited

year in which the wages were paid. Then apply the carry

to a maximum of one year’s employment. See the instructions

forward of approved credits for wages paid in a prior year.

for Form RPD-41371, Application for Veteran Employment

Excess credit may not be refunded to the taxpayer, but may

Tax Credit, for additional requirements.

be carried forward for up to three years.

To apply for the credit, submit a completed Form RPD-

Part I - Computation of the Amount of Tax Credit Claimed

41371, Application for Veteran Employment Tax Credit, to

Line 1. Enter the veteran employment tax credits which

the Taxation and Revenue Department (TRD). See Form

were approved for wages paid in the tax year of the

RPD-41371 for details on obtaining approval. Once you have

return to which the tax liability is due.

been approved for the credit by TRD you may use this Form

RPD-41372, Veteran Employment Tax Credit Claim Form, to

Line 2. Enter the total credit available for carry forward, if

claim the credit against your personal or corporate income

any, from applications approved for wages paid in

tax liability due. When claiming approved veteran employ-

a prior year (from Part II).

ment tax credit(s), this form must accompany the tax return

Line 3. Enter the sum of lines 1 and 2. This is the available

to which the taxpayer wishes to apply the credit.

veteran employment tax credit that may be claimed

against your current year tax liability.

That portion of a veteran employment tax credit approved by

TRD that exceeds a taxpayer’s income tax liability in the tax

Line 4. Enter the portion of available credit (from line 3)

year in which the veteran employment tax credit is claimed

that you wish to apply to the current New Mexico

may not be refunded to the taxpayer, but may be carried

personal or corporate income tax liability due. This

forward for up to three years. The veteran employment tax

amount may not exceed the tax due on the return.

credit may not be transferred to another taxpayer, but the

right to claim the credit may be allocated to the owners of a

Part II - Compute the credit available for carry forward

business entity that is taxed federally as a partnership. The

from prior years (If applicable)

credit may be allocated to owners in proportion to the owner’s

Column (a).

Enter the tax year in which the wages were

interest in the business. See Form RPD-41371, Application

paid for the approved credit.

for Veteran Employment Tax Credit, for allocating the credit.

Column (b).

Enter amount of credit approved for the year

A husband and wife filing separate returns for a tax year for

in column (a).

which they could have filed a joint return, each may claim

Column (c).

Enter amount of credit claimed against prior

only one-half of the veteran employment tax credit that would

year tax liabilities.

have been claimed on a joint return.

Column (d).

Enter the excess credit available for carry

forward. Subtract column (c) from column (b).

HOW TO COMPLETE THIS FORM

Enter the name of the claimant and the claimant’s federal

Compute the sum of column (d), and enter the amount on

identification number (FEIN) or social security number (SSN).

line (A) TOTAL credit available from applications approved

Indicate whether the number is the FEIN or the SSN by check-

for prior years.

ing the applicable box. All claimants must complete Part I

to compute the amount of credit available and to report the

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

amount of credit claimed. Complete Part II, if you have been

Form Rpd-41372 - Veteran Employment Tax Credit Claim Form - State Of New Mexico Taxation And Revenue Department Page 2

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