Form Rpd-41329 - New Mexico Sustainable Building Tax Credit Claim Form Page 4
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5State of New Mexico - Taxation and Revenue Department
RPD-41329
Rev. 08/27/2014
SUSTAINABLE BUILDING TAX CREDIT
Page 2 of 3
CLAIM FORM
against the holder’s personal or corporate income tax
with, TRD approves the credit and returns the approved form to
the owner or holder. The sustainable building tax credit allowed
liability for the tax year in which the credit is approved, and
a maximum of $25,000 for the next three subsequent tax
an eligible owner of a qualifying sustainable building may be
years as needed until the total credit is applied.
claimed against the owner’s personal or corporate income tax
liability or may be sold, exchanged, or otherwise transferred to
another taxpayer.
Prior to January 1, 2014, if the amount of the sustainable building
tax credit represented by the TRD approval is $25,000 or more,
If the qualifying sustainable building is owned by a partnership
the credit must be applied for the tax year in which the credit
or other business association, the owner may pass the credit
is approved and for the next three subsequent tax years, in
to its member(s), partner(s), shareholder(s), or beneficiary(ies)
increments of 25% of the total credit amount in each of the four
by completing Section II, and submitting a Form RPD-41327,
tax years. If the amount of the sustainable building tax credit
Sustainable Building Tax Credit Approval, for each member,
approved by TRD is less than $25,000, the entire amount of
partner, shareholder, or beneficiary. The owner may also choose
the credit may be applied in the tax year in which the credit is
to pass the credit to its member(s), partner(s), shareholder(s),
approved.
or beneficiary(ies) by submitting Form RPD-41342, Notice of
Transfer of Sustainable Building Tax Credit, to TRD to record
In all cases, you may carry forward any excess from a credit
with the Department the transfer. Notice must be provided to
that has been applied for up to seven years. A husband and
TRD within 10 days of any transfer, sale or exchange. See Sale,
wife who file separate returns for a taxable year in which they
Exchange, or Transfer of the Tax Credit, below.
could have filed a joint return may each claim only one-half of
the sustainable building credit that would have been allowed
Members, partners, and beneficiaries may claim a credit only in
on a joint return.
proportion to their interest in the partnership or association, and
are issued an approval for their portion of the credit. The total
Effectiveness and Cost of Credit
credit claimed in the aggregate by all members, partners, and
Beginning in 2015 and every five years thereafter, TRD presents
beneficiaries of the partnership or other business association
annual reports to the Revenue Stabilization and Tax Policy
with respect to the sustainable building shall not exceed the
Committee and the Legislative Finance Committee with an
amount of the credit that could have been claimed by a sole
analysis of the effectiveness and cost of the tax credit, and
owner of the property. If TRD denies the approval request, Form
whether the tax credit is performing the purpose for which it
RPD-41327 is returned to the building owner with an explanation.
was created.
Sale, Exchange, or Transfer of the Tax Credit
Sign, date, and attach the certificate issued by ENMRD and
When a holder or owner receives TRD approval, the credit may
Form RPD-41329, Sustainable Building Tax Credit Claim Form,
be sold, exchanged, or otherwise transferred. Form RPD-41342,
with Schedule B to your personal or corporate income tax return.
Notice of Transfer of Sustainable Building Tax Credit, must be
used to report to TRD a transfer of approved sustainable building
Mail your return and all attachments to the address on the
tax credit to another taxpayer. Notice must be provided to TRD
income tax return. For assistance completing this form, call
within 10 days of a sale, exchange, or other transfer. TRD issues
(505) 827-0792.
the new holder an approval for the credit transfer, a new credit
number, and instructions for applying the credit to personal or
corporate income tax due.
How You Can Apply the Approved Credit
Holders or owners can apply the approved sustainable building
tax credit against their personal or corporate income tax liability
for the tax year subject to the rules described next. If the amount
of the credit available in a tax year exceeds the liability for that
tax year, holders or owners can carry forward the excess for
up to seven years.
Effective January 1, 2014, if the total approved amount of all
sustainable building tax credits in a tax year is:
•
$100,000 or more, 25% of the total credit amount is applied
against the holder’s personal or corporate income tax liability
in the tax year in which the credit is approved, and 25% in
each of the next three subsequent tax years.
•
Less than $100,000, a maximum of $25,000 is applied
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