Fillable Form Rpd-41238 - Application For Rural Job Tax Credit (Page 3 of 3) in pdf

STATE OF NEW MEXICO - TAXATION AND REVENUE DEPARTMENT

RPD - 41238

Rev. 07/26/2013

Application for Rural Job Tax Credit Instructions

Page 2 of 2

each eligible job within an eligible period. On the applica-

USING THE RURAL JOB TAX CREDIT

tion, summarize the wages reported on the certificates

The holder of the credit may apply all or a portion of the Rural

and calculate the amount of credit. Attach certificate(s)

Job Tax Credit to gross receipts less any taxes collected

to the application and submit to TRD. TRD may approve

with respect to local option gross receipts taxes (5.125%

the credit and issue to the applicant a document granting

of taxable receipts), compensating, and withholding taxes

the tax credit.

due, less the amount of any credit other than the Rural Job

Tax Credit applied. The holder may also apply the credit

to personal or corporate income tax liability. If a PTE is

FORM INSTRUCTIONS

Complete all information requested in the address block.

a holder of the credit, the PTE may pass the credit to its

1. Enter the number of eligible jobs for which credit is

owners so that the owners may claim the credit against

claimed. (A certificate must be attached for each

their corporate or personal income tax liabilities. Use Form

eligible job).

RPD-41365, Notice of Transfer of Rural Job Tax Credit, to

report to TRD a distribution of approved rural job tax credit

2. Enter the sum of the wages for each eligible job as

to the owners, members or partners of a PTE.

certified by the applicant. (Maximum $16,000 of wages

paid for each qualifying job per qualified period.) The

To claim approved credits against tax liabilities, complete

Rural Job Tax Credit may be claimed a maximum of:

Form RPD-41243, Rural Job Tax Credit Claim Form, and

a. Four qualifying periods for each job performed or

submit the form with the return to which the taxpayer wishes

based at a location in a tier one area, or

to apply the credit. The credit can be carried forward for

a period of three years from the date the credit is issued.

b. Two qualifying periods for each job performed or

based at a location in a tier two area.

TRANSFER OF CREDIT

3. Multiply line 2 by .0625 to compute the total Rural Job

This credit may be sold, exchanged, or otherwise trans-

Tax Credit.

ferred.

Attach a Form RPD-41247, Certificate of Eligibility for the

The parties to such a transaction shall notify the New Mexico

Rural Job Tax Credit, for each eligible job included in line 1.

Taxation and Revenue Department within ten days of the

transaction. Use Form RPD-41365, Notice of Transfer

Complete taxpayer signature, title, telephone number

of Rural Job Tax Credit, to report to TRD a transfer or

and date.

distribution of approved rural job tax credits.

Mail to: Taxation and Revenue Department, ATTN: Direc-

Mail the notification of transfer to: New Mexico Taxation

tor's Office, P.O. Box 8485, Albuquerque, New Mexico

and Revenue Department, PIT Edit Error, P.O. Box 5418,

87198-8485. For status of the application call (505) 841-

Santa Fe, New Mexico 87502-5418.

6478.

Form Rpd-41238 - Application For Rural Job Tax Credit Page 3

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