Form Rpd-41301 - New Mexico Affordable Housing Tax Credit Claim Form Page 3
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4State of New Mexico - Taxation and Revenue Department
RPD-41301
Rev. 10/21/2014
AFFORDABLE HOUSING TAX CREDIT CLAIM FORM
Page 3 of 4
About this credit:
The Mortgage Finance Authority (MFA) may issue investment vouchers to persons who have invested in approved afford-
able housing projects. MFA may issue an investment voucher to a person who has made an investment of land, buildings,
materials, cash, or services for an affordable housing project approved by MFA or for a trust fund administered by MFA. The
vouchers, good for up to 50% of the investment, may be sold or transferred. Affordable housing projects cover land acquisi-
tion, construction, materials, building acquisition, remodeling, improvement, rehabilitation, conversion, or weatherization for
single family residential housing or multifamily residential housing approved by MFA. After receiving the investment vouchers
from MFA, the taxpayer may apply them for a credit against the taxpayer’s modified combined tax liabilities, personal income
tax, or corporate income tax liabilities, and the taxpayer may carry unused credit forward for five years.
NOTE: Effective July 1, 2010, this law is expanded to include all counties, and adds materials to the list of eligible investments.
Transfers - The credit may also be sold, exchanged, or otherwise transferred to another holder. When an investment voucher
is transferred in whole or in part to a new holder, New Mexico Taxation and Revenue Department and MFA must be notified
within 10 days of the transfer by submitting a completed Affordable Housing Tax Credit Transfer Form to MFA. The Affordable
Housing Tax Credit Transfer Form may be obtained from MFA. The new holder will be notified of approval of the transfer and
issued a new investment voucher number. The transfer form will identify the new holder, the new voucher number, and the
transfer amount, but will also identify the original voucher date. The original voucher date is the date the original investment
voucher was issued for the affordable housing project. Upon receipt of the approved transfer form, the new holder may apply
the affordable housing tax credit against future returns, but may not carry forward any credit for more than 5 years from the
calendar year in which the original investment voucher was issued.
For example, if an affordable housing project was approved and later certified by MFA, and the resulting original investment
voucher was issued to holder Z on January 15, 2006, Z may not claim the affordable housing tax credit for any unused bal-
ance of the investment voucher after December 31, 2011. If all or a portion of the investment voucher balance is subsequently
transferred to holder X, X may not claim the tax credit for the transferred balance after December 31, 2011. The original voucher
date for the original investment voucher issued to Z and the transfer investment voucher issued to X is January 15, 2006.
“Modified combined tax liability” means the total liability for the report period for gross receipts tax less any local option
gross receipts tax due (5.125% of taxable gross receipts), compensating and withholding taxes, interstate telecommunications
gross receipts tax, E911 surcharges, and telecommunications relay surcharges, minus any credit (other than the affordable
housing tax credit) applied against these taxes. Modified combined tax liability does not include amounts collected for local
option gross receipts taxes and governmental gross receipts taxes.
How to apply for the credit:
Taxpayers seeking the affordable housing tax credit must contact the New Mexico Mortgage Finance Authority (505-
843-6880 or 800-444-6880) for approval of the project and issuance of the investment vouchers.
How to claim the credit:
When completing Form RPD-41301, Affordable Housing Tax Credit Claim Form, report new investment vouchers on line 1,
and attach Schedule A if you have any investment vouchers that were previously claimed. Schedule A is used to compute
any carryforward credits allowable. Attach Schedule B if there is more than one investment voucher to claim.
Attach Form RPD-41301, Affordable Housing Tax Credit Claim Form, to the return for taxes against which you wish to apply
the credit. Enter the credit claimed on the applicable line of the New Mexico income tax form, CRS-1, PIT-1, S-Corp, CIT-1,
FID-1, TRS or E911, or underpay the amount recorded as due on forms CRS-1, TRS or E911 by the amount of the credit
claimed. The credit to be applied may not exceed the tax liability due on the return. First, apply unused credit available from
the investment voucher with the oldest original voucher date to the tax liability. The credit may not be claimed against local
option gross receipts tax imposed by any county or municipality, or the governmental gross receipts tax. Any balance of
the affordable housing tax credit may be carried forward for up to 5 years from the calendar year during which the original
investment voucher used to claim the affordable housing tax credit was issued.
E-mail Addresses:
New Mexico Mortgage Finance Authority --
New Mexico Taxation & Revenue Department --
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