Form Rpd-41288 - Application For High Wage Jobs Tax Credit (Page 2 of 5) in pdf

STATE OF NEW MEXICO

RPD-41288

Rev 09/10/2013

TAXATION AND REVENUE DEPARTMENT

APPLICATION FOR HIGH WAGE JOBS TAX CREDIT

Page 1 of 4

INSTRUCTIONS

House Bill 641 was passed during the 2013 legislative ses-

Line 1. Enter the number of eligible employees occupying a

sion, which modified the provisions of the high wage jobs tax

qualifying high wage job in a qualified period, included

credit. The changes are in effect for applications received on

in this application. Refer to the number of entries on

or after June 14, 2013.

Form RPD-41376, High wage Jobs Tax Credit - Employee

The new law adds language to clarify and impose additional

Line 2. Enter the total high wage jobs tax credit claimed from

limitations on the application of the high wage jobs tax credit,

Eligibility Detail Report.

column AC of Form RPD-41376. A maximum credit of

and extend the credit for an additional 5 years. These instruc-

$12,000 of wages and benefits paid for each high wage

tions reflect the changes.

job in each qualified period is allowed.

This form must be signed and notarized. Mail this Form

RPD-41288, Application for High wage Jobs Tax Credit, the CD

The purpose of the high wage jobs tax credit is to provide an

PURPOSE:

containing Form RPD-41376, High wage Job Detail Report, and

incentive for urban and rural businesses to create and fill new

all of the supporting documentation to: Taxation and Revenue

high wage jobs in New Mexico.

Department, Director's Office, P. O. Box 8485, Albuquerque, NM

87198-8485. The Department will notify you when approved.

The high wage jobs tax credit may be claimed by an eligible

Once approved, complete Form RPD-41290, High wage Jobs

employer for each new high wage economic based job per-

formed for the year in which the new high wage economic job

combined tax liability due. Any excess will be refunded. See

is created and for the three consecutive qualifying periods. A

Tax Credit Claim Form, to claim the credit against the modified

the instructions for the definition of modified combined tax

taxpayer must apply for approval of the credit after the close

liability on page 3 of these instructions.

of a qualifying period, but not later than twelve months follow-

Once approved, the high wage jobs tax credit may be applied

ing the end of the calendar year in which the taxpayer's final

USING THE HIGH WAGE JOBS TAX CREDIT:

against the modified combined tax liability of a taxpayer.

qualifying period closes.

Complete Form RPD-41288, Application for High wage Jobs Tax

To claim approved credits against tax liabilities, submit Form

HOW TO APPLY:

Credit, and submit it to the Taxation and Revenue Department

RPD-41290, High wage Jobs Tax Credit Claim Form, with the tax

along with a CD (compact disc) containing Form RPD-41376,

or surcharge return to which you wish to apply the credit. You

may apply the credit against tax owed on Form CRS-1, less local

which can be found on our website,

option gross receipts taxes, Form RPD-41114, Enhanced 911

High wage Jobs Tax Credit - Employee Eligibility Detail Report,

Also include all supporting documentation in electronic format

(payroll registers, employer's paid benefits, sales documenta-

Relay Service Surcharge. When applying the credit to Form

tion for the last 12 months, proof of newly created jobs for the

Services Surcharge, or Form RPD-41116, Telecommunications

CRS-1, you must pay any gross receipts tax due over the state

positions being claimed, and proof of increase of high wage

rate of 5.125%. Any excess credit will be refunded.

jobs for the qualifying period. The high wage jobs tax credit

Form RPD-41376 - Employee Eligibility Detail Report, is an excel

spreadsheet, and the instructions for the Employee Eligibility

An eligible employer is an employer that:

DEFINITIONS:

a. made more than 50% of its sales of goods or services

produced in New Mexico to persons outside New Mexico dur-

Detail Report begin on page 4 of these instructions.

Important: A taxpayer must apply for approval of the credit

ing the applicable qualified period; or

after the close of a qualifying period, but not later than twelve

b. is certified for the Job Training Incentive Program

(JTIP) assistance by the New Mexico Economic Development

Department, pursuant to Section 21-19-7 NMSA 1978.

months following the end of the calendar year in which the tax-

payer's final qualifying period closes.

On this application, answer the questions establishing that

When applicable, the employer must retain proof in its records

you retain the status of an eligible employer. The Taxation and

that more than 50% of its sales of goods or services produced

Revenue Department may approve the credit and issue to the

in New Mexico were sold to persons outside New Mexico dur-

applicant a document granting the tax credit. For status of the

ing the applicable qualified period.

application, call (505) 841-6478.

For information on becoming certified for JTIP assistance, visit

the New Mexico Economic Development Department's web

Complete all information requested in the address block.

FORM INSTRUCTIONS:

Form Rpd-41288 - Application For High Wage Jobs Tax Credit Page 2

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