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New Mexico Technology Jobs Tax Credit

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Question
New Mexico Technology Jobs Tax Credit

Answer

To claim the technology jobs tax credit, attach this completed Technology Jobs Tax Credit Claim Form, to the CRS-1, PIT-1, CIT-1, FID-1 or S-Corp return on which you wish to apply the credit on or before the due date of the return.  You may apply this credit when you file your return online. Sign into Taxpayer Access Point (TAP) at https://tap. state.nm.us, and follow the prompts to attach this form.  To claim the credit by mail, attach this form to the tax return and mail to the address on the return.  For assistance claiming your approved credit, call (505) 827-0792.

The holder is the business to whom the credit has been approved.

The Basic Tax Credit - may be applied against the taxpayer's compensating tax, gross receipts tax, or withholding tax due to the State of New Mexico. No taxpayer may claim an amount of approved basic credit for any reporting period that exceeds the sum of the taxpayer's gross receipts tax, compensating tax, and withholding tax due for that reporting period.

The Additional Tax Credit - may be applied against the taxpayer's income tax or corporate income tax. No taxpayer may claim an amount of additional credit for any reporting period that exceeds the amount of the taxpayer's income tax or corporate income tax due for that reporting period. Married individuals who file separate returns may each claim only one-half the additional credit. 

Any amount of credit not claimed for a reporting period may be claimed in subsequent reporting periods.

NOTE: The technology jobs tax credit provisions are not available for qualified expenditures made after January 1, 2015.  However, if you have been approved for the technology jobs tax credit; you may carry forward any unused credit amounts in subsequent periods using this claim form.  A taxpayer with expenditures made after January 1, 2015, should review the Form  RPD-41385, Application for Technology Jobs and Research and Development Tax Credit, to see if that credit is available to them


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Article Details
Views: 1577 Created on: Jun 15, 2013
Date updated: Jan 04, 2019
Posted in: States, New Mexico

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