Form Rpd - 41239 - Application For Technology Jobs Tax Credit Page 2
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2STATE OF NEW MEXICO - TAXATION AND REVENUE DEPARTMENT
RPD - 41239
Application for Technology Jobs Tax Credit Instructions
Rev. 10/23/2014
Page 1 of 2
The value of qualified expenditure is the purchase price.
A taxpayer may apply for approval of a credit within one
year following the end of the calendar year in which the
If an allocation of expenditure is claimed, the cost account-
qualified expenditure was made.
ing methodology used for the allocation of the expenditure
shall be the same cost accounting methodology used by
Line 1 - Qualified Research – means research that is
the taxpayer in its other business activities.
undertaken to discover information that is:
•
Technological in nature
Line 4 - Multiply the total amount of qualified expenditures
•
Intended to be useful in the development of a new or
by 4% or by 8% if the qualified facility is in a rural area.*
improved business component of the taxpayer, and
This is the amount of your basic credit.
•
Related to a new or improved function, performance,
reliability or quality, but not related to style, taste, or
Line 5 - Multiply the total amount of qualified expenditures
cosmetic or seasonal design factors.
by 4% or by 8% if the qualified facility is in a rural area.
This is the amount of your additional credit.
Line 2 - Qualified Facility – means a factory, mill, plant,
refinery, warehouse, dairy, feedlot, building or complex of
*Rural Areas – The amount of both the Basic and Addi-
buildings located in New Mexico. These include the land on
tional Technology Credit shall be doubled if the qualified
which the facility is located and all machinery, equipment
expenditures were incurred for a qualified facility in a rural
and other real and tangible personal property located at or
area. Rural area is anywhere outside of Bernalillo, Dona
within the facility and used in connection with the operation
Ana or Santa Fe counties or three miles beyond the exte-
of the facility. Any facility operated by the taxpayer for the
rior boundaries of those counties and the municipality of
United States is excluded.
Rio Rancho.
Line 3 - Qualified Expenditures – any expenditure or
USING THE TECHNOLOGY JOBS TAX CREDIT
allocated portion of an expenditure connected to qualified
The Basic Tax Credit may be applied against the taxpayer’s
research at a qualified facility. Such expenditures include:
compensating tax, gross receipts tax, or withholding tax
•
Depletable land and rent paid or incurred for land
due to the state of New Mexico. No taxpayer may claim an
Improvements
amount of approved basic credit for any reporting period
•
Allowable amounts paid or incurred to operate or
that exceeds the sum of the taxpayer’s gross receipts tax,
maintain a facility
compensating tax, and withholding tax due for that report-
•
Buildings
ing period.
•
Equipment
•
Computer software
The Additional Tax Credit may be applied against the
•
Computer software upgrades
taxpayer’s personal or corporate income tax. No taxpayer
•
Consultants and contractors performing work in New
may claim an amount of additional credit for any reporting
Mexico
period that exceeds the amount of the taxpayer’s personal
•
Payroll
or corporate income tax due for that reporting period. A
•
Technical books and manuals
husband and wife may each claim only one-half the ad-
•
Test materials
ditional credit. A pass-through entity (PTE) approved for
additional credit may pass the additional credit to its own-
Qualified expenditures exclude any expenditure:
ers, partners or members using Form RPD-41368, Notice
•
On property owned by a municipality or county in con-
nection with an industrial revenue bond project, or
of Distribution of Technology Jobs Tax Credit.
•
On property for which the taxpayer has received any
Any amount of credit not claimed for a reporting period
credit under the Capital Equipment Tax Credit Act or
may be claimed in subsequent reporting periods.
the Investment Credit Act, and
•
On property owned by the taxpayer or affiliate before
Recapture - If the taxpayer or a successor in business
July 4, 2000, the effective date of the Technology Jobs
of the taxpayer ceases operations in New Mexico for 180
Tax Credit Act, or
consecutive days within a two-year period, any approved
•
On research and development reimbursed by a person
unclaimed credit shall be extinguished. Within 30 days
who is not an affiliate of the taxpayer.
after the 180 days, the taxpayer shall pay the tax against
which an approved technology jobs tax credit was taken.
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