Form Rpd-41372 - Veteran Employment Tax Credit Claim Form Page 3
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3RPD-41372
State of New Mexico - Taxation and Revenue Department
Rev. 10/23/2014
VETERAN EMPLOYMENT TAX CREDIT CLAIM FORM
INSTRUCTIONS
have excess credit available to carry forward to the current
ABOUT THIS TAX CREDIT
For tax years beginning on or after January 1, 2012 but not
tax year. NOTE: Excess credit may not be refunded to the
after December 31, 2016, a taxpayer who employs a qualified
taxpayer, but may be carried forward for up to three years.
military veteran in New Mexico is eligible for a credit against
the taxpayer’s personal or corporate income tax liability for
Attach this claim form (RPD-41372) to the tax return to which
up to $1,000 for wages paid to each qualified military veteran
you wish to apply the veteran employment tax credit.
who is employed full time in New Mexico. If the veteran is
employed for less than a full year, the credit for that year is
Approved credit should first be applied to the tax due for
reduced based on the fraction of the year the veteran was
the year in which the wages were paid. Then apply the car-
actually employed. The credits allowed per veteran are limited
ryforward of approved credits for wages paid in a prior year.
to a maximum of one year’s employment. See the instructions
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 credit that was
the Taxation and Revenue Department (TRD). See Form
approved for wages paid in the tax year of the return
RPD-41371 for details on obtaining approval. Once you have
to which the tax liability is due. From the approved
been approved for the credit by TRD you may use this Form
Form RPD-41371, Application for Veteran Employ-
RPD-41372, Veteran Employment Tax Credit Claim Form, to
ment Tax Credit, also enter the credit claim number
claim the credit against your personal or corporate income
issued by TRD. NOTE: If you have more than one
tax liability due. When claiming approved veteran employ-
credit claim number, attach a completed Schedule A.
ment tax credit(s), this form must accompany the tax return
Line 2. Enter the total credit available for carryforward, if
to which the taxpayer wishes to apply the credit.
any, from applications approved for wages paid in
a prior year (from Part II).
That portion of a veteran employment tax credit approved by
TRD that exceeds a taxpayer’s income tax liability in the tax
Line 3. Enter the sum of lines 1 and 2. This is the available
year in which the veteran employment tax credit is claimed
veteran employment tax credit that you may claim
may not be refunded to the taxpayer, but may be carried
against your current year tax liability.
forward for up to three years. The veteran employment tax
Line 4. Enter the portion of available credit (from line 3)
credit may not be transferred to another taxpayer, but the
that you wish to apply to the current New Mexico
right to claim the credit may be allocated to the owners of a
personal or corporate income tax liability due. This
business entity that is taxed federally as a partnership. The
amount may not exceed the tax due on the return.
credit may be allocated to owners in proportion to the owner’s
interest in the business. See Form RPD-41371, Application
Part II - Compute the credit available for carryforward
for Veteran Employment Tax Credit, for allocating the credit.
from prior years (If applicable)
A husband and wife filing separate returns for a tax year for
Column (a). Enter the credit claim number from the applica-
which they could have filed a joint return, each may claim
tion approved in a prior year.
only one-half of the veteran employment tax credit that would
Column (b). Enter amount of credit approved for the prior
have been claimed on a joint return.
year.
Column (c).
Enter amount of credit claimed against prior
HOW TO COMPLETE THIS FORM
Enter the name of the claimant and the claimant’s federal
year tax liabilities.
identification number (FEIN) or social security number (SSN).
Column (d).
Enter the excess credit available for carry-
Indicate whether the number is the FEIN or the SSN by
forward. Subtract column (c) from column (b).
checking the applicable box.
Compute the sum of column (d), and enter the amount on
line (A) TOTAL credit available from applications approved
All claimants must complete Part I to compute the amount of
for prior years.
credit available and to report the amount of credit claimed.
Complete Part II, if you have been approved for the veteran
Sign and date the declaration at the bottom of the form.
employment tax credit for wages paid in a prior year and you
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