Form Rpd-41371 - Application For Veteran Employment Tax Credit Page 3
ADVERTISEMENT
1
2
3
4STATE OF NEW MEXICO
RPD-41371
Rev. 10/31/2013
TAXATION AND REVENUE DEPARTMENT
APPLICATION FOR VETERAN EMPLOYMENT TAX CREDIT
INSTRUCTIONS
Page 1 of 2
before submitting the application. The Department may re-
ABOUT THIS TAX CREDIT
For tax years beginning on or after January 1, 2012, but not
quest additional information establishing that the employee
after December 31, 2016, a taxpayer who employs a quali-
is a qualified military veteran.
fied military veteran, for at least 40 hours per week, in New
Mexico is eligible for a credit against the taxpayer’s personal
HOW TO COMPLETE THIS FORM
or corporate income tax liability for up to $1,000 for wages
Complete all information requested. Enter the date using a
paid to each qualified military veteran. If the veteran’s quali-
two-digit month and day and a four-digit year (mm/dd/ccyy).
fied period of employment is less than a full year, the credit
Enter the name, address and the New Mexico CRS identifica-
for that year is reduced based on the ratio of the qualified
tion number of the employer. The physical address should be
period of employment over the full tax year of the employer.
the address where the business is located or based. Enter
•
An employer may not receive the credit for any individual
the mailing address if it is a different address.
qualified military veteran for more than one calendar year
from the date of hire.
1.
Enter the employer's tax year in which the eligible em-
•
Multiple employers may not receive a credit for more than
ployment took place. Enter the first and last day of the
one year combined for the same qualified military veteran.
tax year. Enter the date using a two-digit month and day
•
Only one employer may receive the credit for a specific
and a four-digit year (mm/dd/ccyy).
veteran during a tax year.
2. Enter the number of certifications (Form RPD-41370,
•
The date of discharge may not exceed two years from
Certification of Eligibility for the Veteran Employment
the date the employer hired the military veteran.
Tax Credit) attached and included in this application.
•
The veteran employment tax credit is only allowed for the
3. Enter the sum of the veteran employment tax credit (from
employment of a veteran who was not previously em-
line 10 of each certification attached). A maximum of
ployed by the taxpayer prior to the individual’s deployment.
$1,000 for each qualified military veteran in tax year is
allowed.
That portion of a veteran employment tax credit approved
by Taxation and Revenue Department (TRD) that exceeds
Sign and date the application.
a taxpayer’s income tax liability in the tax year in which the
veteran employment tax credit is claimed may not be re-
funded to the taxpayer, but may be carried forward for up to
Mail to:
three years. The veteran employment tax credit may not be
Taxation and Revenue Department
transferred to another taxpayer.
P.O. Box 5418
Santa Fe, NM 87502-5418.
A husband and wife filing separate returns for a tax year for
which they could have filed a joint return, each may claim
IMPORTANT INFORMATION TO KNOW ABOUT THE
only one-half of the veteran employment tax credit that would
APPROVAL OF THE CREDIT
•
Failure to properly complete the application and submit any
have been claimed on a joint return. An owner, member or
required documents may result in a denial of the credit.
partner (owners) may be allocated the right to claim a veteran
employment tax credit in proportion to its ownership interest
•
Once a qualified military veteran is approved on an ap-
if the taxpayer owns an interest in a business entity that is
plication for a tax year, any credit requested by another
taxed for federal income tax purposes as a partnership. To
employer for the same military veteran on subsequent
allocate the credit to the owners of the business entity qualify-
applications for the same tax year will be denied.
ing for the credit, complete Part II. The total credit that may
•
Applications will be processed in the order in which they
be claimed by all members of the partnership or other busi-
are received.
ness entity shall not exceed the allowable credit approved.
•
When the period of employment, beginning from the
ATTACHMENTS
date of hire through the first year, crosses two tax years,
The taxpayer must provide a copy of the qualified military
one application for each tax year for the same qualified
veteran’s DD Form 214, Certificate of Release or Discharge
military veteran may be approved.
from Active Duty , or other evidence acceptable to the Depart-
•
For multiple claims received for the same qualified mili-
ment. The document must show the date the military veteran
tary veteran, the dates of employment will be compared
was honorably discharged from a branch of the United States
to ensure that a credit is allowed for only one full year
military. Evidence other than the qualified military veteran’s
of employment.
DD Form 214, should be approved through the Department
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial