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RPD-41301

State of New Mexico - Taxation and Revenue Department

Rev. 9/22/2011

AFFORDABLE HOUSING TAX CREDIT CLAIM FORM

INSTRUCTIONS

About this credit:

The Mortgage Finance Authority (MFA) may issue investment vouchers to persons who have invested in approved afford-

able housing projects. MFA may issue an investment voucher to a person who has made an investment of land, buildings,

materials, cash or services for an affordable housing project approved by MFA or for a trust fund administered by MFA. The

vouchers, good for up to 50% of the investment, may be sold or transferred. Affordable housing projects cover land acquisi-

tion, construction, materials, building acquisition, remodeling, improvement, rehabilitation, conversion or weatherization for

single family residential housing or multifamily residential housing approved by MFA. After receiving the investment vouchers

from MFA, the taxpayer may apply them for a credit against the taxpayer’s modified combined tax liabilities, personal income

tax, or corporate income tax liabilities, and the taxpayer may carry unused credit forward for five years.

NOTE: Effective July 1, 2010, this law is expanded to include all counties, and adds materials to the list of eligible investments.

Transfers - The credit may also be sold, exchanged or otherwise transferred to another holder. When an investment voucher

is transferred in whole or in part to a new holder, New Mexico Taxation and Revenue Department and MFA must be noti-

fied within 10 days of the transfer by submitting a completed Affordable Housing Tax Credit Transfer Form to MFA. The

new holder will be notified of approval of the transfer and issued a new investment voucher number. The transfer form will

identify the new holder, the new voucher number and the transfer amount, but will also identify the original voucher date.

The original voucher date is the date the original investment voucher was issued for the affordable housing project. Upon

receipt of the approved transfer form, the new holder may apply the affordable housing tax credit against future returns, but

may not carry forward any credit for more than 5 years from the calendar year in which the original investment voucher was

issued. For example, if an affordable housing project was approved and later certified by MFA, and the resulting original

investment voucher was issued to holder A on January 15, 2006, A may not claim the Affordable Housing Tax Credit for any

unused balance of the investment voucher after December 31, 2011. If all or a portion of, the investment voucher balance

is subsequently transferred to holder X, X may not claim the tax credit for the transferred balance after December 31, 2011.

The original voucher date for the original investment voucher issued to A and the transfer investment voucher issued to X

is January 15, 2006.

“Modified combined tax liability” means the total liability for the report period for gross receipts tax less any local option

gross receipts tax due (5.125% of taxable gross receipts), compensating and withholding taxes, interstate telecommunications

gross receipts tax, E911 surcharges and telecommunications relay surcharges, minus any credit (other than the affordable

housing tax credit) applied against these taxes. Modified combined tax liability does not include amounts collected for local

option gross receipts taxes and governmental gross receipts taxes.

How to apply for the credit:

Taxpayers seeking the affordable housing tax credit must contact the New Mexico Mortgage Finance Authority

(505-767-2262 or 800-444-6880) for approval of the project and issuance of the investment vouchers.

How to claim the credit:

When completing Form RPD-41301, Affordable Housing Tax Credit Claim Form, report new investment vouchers on line 1,

and attach Schedule A if you have any investment vouchers that were previously claimed. Schedule A is used to compute

any carry forward credits allowable. Attach Schedule B if there are more than one investment vouchers to claim.

Attach Form RPD-41301, Affordable Housing Tax Credit Claim Form, to the return for taxes against which you wish to apply

the credit. Enter the credit claimed on the applicable line of the New Mexico income tax form, CRS-1, PIT-1, S-Corp, CIT-1,

FID-1, TRS or E911, or underpay the amount recorded as due on forms CRS-1, TRS or E911 by the amount of the credit

claimed. If filing electronically, mail Form PIT-8453, Individual Income Tax Declaration for Electronic Filing and Transmittal,

and Form RPD-41301 to: New Mexico Taxation and Revenue Department, PIT Edit Error, P O Box 5418, Santa Fe, New

Mexico 87502-5418. The credit to be applied may not exceed the tax liability due on the return. First, apply unused credit

available from the investment voucher with the oldest original voucher date to the tax liability. The credit may not be claimed

against local option gross receipts tax imposed by any county or municipality, or the governmental gross receipts tax. Any

balance of the affordable housing tax credit may be carried forward for up to 5 years from the calendar year during which

the original investment voucher used to claim the affordable housing tax credit was issued.

New Mexico Mortgage Finance Authority --

E-mail Addresses:

New Mexico Taxation & Revenue Department --

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Form Rpd-41301 - Affordable Housing Tax Credit Claim Form - State Of New Mexico Taxation And Revenue Department Page 4

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