Form Rpd-41329 - Sustainable Building Tax Credit Claim Form With Schedule B (Page 4 of 5) in pdf

State of New Mexico - Taxation and Revenue Department

RPD-41329

Rev. 10/18/2013

SUSTAINABLE BUILDING TAX CREDIT

Page 2 of 3

CLAIM FORM

Prior to January 1, 2014, if the amount of the sustainable building

Taxation and Revenue Department (TRD) with a copy of the

certificate of eligibility. If all requirements have been complied

tax credit represented by the TRD approval is $25,000 or more,

the credit must be applied for the tax year in which the credit

with, TRD approves the credit and returns the approved form to

is approved and for the next three subsequent tax years, in

the owner or holder. The sustainable building tax credit allowed

an eligible owner of a qualifying sustainable building may be

increments of 25% of the total credit amount in each of the four

tax years. If the amount of the sustainable building tax credit

claimed against the owner’s personal or corporate income tax

approved by TRD is less than $25,000, the entire amount of

liability or may be sold, exchanged, or otherwise transferred to

another taxpayer.

the credit may be applied in the tax year in which the credit is

approved.

If the qualifying sustainable building is owned by a partnership

or other business association, the owner may pass the credit to

In all cases, you may carry forward any excess from a credit

that has been applied for up to seven years. A husband and

its member(s), partners(s), shareholder(s), or beneficiary(ies)

wife who file separate returns for a taxable year in which they

by completing Section II, and submitting a Form RPD-41327,

Sustainable Building Tax Credit Approval, for each member,

could have filed a joint return may each claim only one-half of

the sustainable building credit that would have been allowed

partner, shareholder, or beneficiary. Members, partners, and

on a joint return.

beneficiaries may claim a credit only in proportion to their interest

in the partnership or association, and are issued an approval

Effectiveness and Cost of Credit

for their portion of the credit. The total credit claimed in the

Beginning in 2015 and every five years thereafter, TRD presents

aggregate by all members, partners, and beneficiaries of the

partnership or other business association with respect to the

annual reports to the Revenue Stabilization and Tax Policy

Committee and the Legislative Finance Committee with an

sustainable building shall not exceed the amount of the credit

analysis of the effectiveness and cost of the tax credit, and

that could have been claimed by a sole owner of the property. If

TRD denies the approval request, Form RPD-41327 is returned

whether the tax credit is performing the purpose for which it

was created.

to the building owner with an explanation.

COMPLETING THE CREDIT CLAIM FORM

Sale, Exchange, or Transfer of the Tax Credit

Enter the holder’s name and social security number or federal

When a holder or owner receives TRD approval, the credit may

employer identification number. Then complete Schedule A,

be sold, exchanged, or otherwise transferred. Form RPD-41342,

following the instructions described next, to compute total excess

Notice of Transfer of Sustainable Building Tax Credit, must be

credit available for carryforward.

used to report to TRD a transfer of approved sustainable building

tax credit to another taxpayer. Notice must be provided to TRD

Completing Schedule A. Worksheet To Compute the Total

within 10 days of a sale, exchange, or other transfer. TRD issues

Excess Credit Available For Carryforward

the new holder an approval for the credit transfer, a new credit

number, and instructions for applying the credit to personal or

Include in Schedule A only credits claimed in a prior tax year that

have a balance available for carryforward. Credits approved for

corporate income tax due.

the tax year of this claim are included on line 1 of this claim form.

How You Can Apply the Approved Credit

Column a. Credit number. Enter the credit number for each

Holders or owners can apply the approved sustainable building

sustainable building tax credit approved by TRD for a previous

tax credit against their personal or corporate income tax liability

for the tax year subject to the rules described next. If the amount

tax year. If you need additional space, attach a schedule in the

same format on a separate page. Do not enter a credit if the

of the credit available in a tax year exceeds the liability for that

credit was not approved by TRD or if the credit is no longer

tax year, holders or owners can carry forward the excess for

up to seven years.

available for carryforward. Excess sustainable building tax

credits may only be carried forward for seven years following

the tax year that the credit is approved and claimed.

Effective January 1, 2014, if the total approved amount of all

Column b. Amount of credit approved. For each tax credit

sustainable building tax credits in a tax year is:

listed in column a, enter the amount of credit approved.

•

$100,000 or more, 25% of the total credit amount is applied

against the holder’s personal or corporate income tax liability

Column c. Total credit applied to previous tax liabilities. For

in the tax year in which the credit is approved, and 25% in

each credit amount listed in column b, enter the total amount of

each of the next three subsequent tax years.

credit applied to personal or corporate income tax liabilities for

•

Less than $100,000, a maximum of $25,000 is applied

previous year returns.

against the holder’s personal or corporate income tax

liability for the tax year in which the credit is approved, and

Column d. Excess credit available for carryforward. Subtract

a maximum of $25,000 for the next three subsequent tax

column c from column b and enter the difference.

years as needed until the total credit is applied.

Form Rpd-41329 - Sustainable Building Tax Credit Claim Form With Schedule B Page 4

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