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New Mexico NM Corporate Income & Franchise Tax Return
Extracted from PDF file 2023-new-mexico-form-cit-1.pdf, last modified August 2023NM Corporate Income & Franchise Tax Return
2023 CIT-1 *236080200* NEW MEXICO CORPORATE INCOME AND FRANCHISE TAX RETURN Corporation name 1a Mailing address (number and street name) CHECK ONE (Required): 4a Original Return 2a City State Postal/ZIP code Amended Return 4b 3a If foreign address, enter country Foreign province and/or state 4b.(i) Type: 4b.(ii) Date: 3b FEIN (Required) FOR DEPARTMENT USE ONLY New Mexico Business ID # 5a 5b Fiscal (or Short-Year) Tax Year Starts 6a Extended Due Date Fiscal (or Short-Year) Tax Year Ends 6b 6d 6c Contact phone number COMPLETE THE FOLLOWING: A. State of incorporation A1. Date of incorporation B. Date business began in New Mexico B1. State of commercial domicile C. Name and address of registered agent in New Mexico First Name and Last Name Address D. NAICS Code (Required) D1. No E1. If City State ZIP code Principal business activity in New Mexico E. Is this a return for a unitary group? Yes yes, which type of unitary group? Water's-edge group. Year of election Member of a unitary group, filing separately. Name of parent entity NOTE: A unitary group has certain filing requirements. See page 9 of the instructions for definition. F. Indicate method of accounting: Worldwide combined group Consolidated group. Year of election Cash Accrual Other (specify) F1. G. If this is the corporation's final return, was the corporation: Dissolved Merged or reorganized Withdrawn G1. Date H. Has this corporation's federal income tax liability changed for any year due to an IRS audit or the filing of an amended federal return that has not been reported to New Mexico? Yes No If yes, submit an amended New Mexico Corporate Income and Franchise Tax Return, I. and a copy of the amended federal return or Revenue Agent's Report (RAR), if applicable, to the New Mexico Taxation and Revenue Department. The total of column 3 must equal CIT-1, page 2, line 27, and the total of column 4 must equal CIT-1, page 2, line 23. If there are more than three members of the filing group, complete CIT-S to add additional corporations. If this a return for a filing group, complete the following information for each corporation in the filing group. Column 1 Corporation name Column 2 FEIN Column 3 Amount of quarterly, tentative, or other payments to apply to this return Column 4 $50 if corporation pays franchise tax Totals J. If other than a corporation, enter your legal entity type (for example, LLC or partnership): Refund Express!! RE1 RE2 1. Routing number: 2. Account number: Have your refund directly deposited. See instructions and fill in 1, 2, 3, and 4. RE3 3. Type: Checking Enter X. Savings Enter X. 4. REQUIRED: WILL THIS REFUND GO TO OR THROUGH AN ACCOUNT LOCATED OUTSIDE THE UNITED STATES? If yes, you may not use this refund delivery option. See instructions. RE4 Y E S NO You must answer this question. 2023 CIT-1 (page 2) *236090200* NEW MEXICO CORPORATE INCOME AND FRANCHISE TAX RETURN FEIN 1. Taxable income before NOL and special deductions (see CIT-1 instructions). 1. 1a. Captive REIT deductions. 1a. 1b. Exempt entity deductions. 1b. 2. 3. 4. Interest income from municipal bonds, excluding New Mexico bonds. Other additions to the base income of a unitary group (see CIT-1 instructions). Subtotal of base income after additions. Add lines 1, 1a, 1b, 2 and 3. 2. 3. 4. 5. Federal special deductions (from federal Form 1120, line 29b). Enter only a positive number. 5. 6. Interest from U.S. government obligations or federally-taxed New Mexico bond. 6. 7. Deduction for certain expenses related to a New Mexico licensed cannabis business. Deductions for certain foreign dividends, Subpart F income, and GILTI (from CIT-C line 6). Other subtractions to the base income of a unitary group (see CIT-1 instructions). New Mexico net income or loss. Subtract lines 5, 6, 7, 8, and 9 from line 4. 7. 8. 9. 10. 11. 12. 13. Net allocated income or loss (from CIT-B, line 8). Total apportionable income or loss. Subtract line 11 from line 10. New Mexico apportionment percentage (from CIT-A, line 5, or 100%). 11. 12. 13. 14. 15. 16. Income or loss apportioned to New Mexico. Line 12 multiplied by the percentage on line 13. Net New Mexico allocated income or loss (from CIT-B, line 9). New Mexico apportioned net income or loss. Add lines 14 and 15. 14. 15. 16. 17. 18. Net operating loss deduction, not in excess of 80% of line 16. Attach form RPD-41379. Liquor license lessor deduction (see CIT-1 Instructions). 17. 18. 19. New Mexico taxable income. Subtract lines 17 and 18 from line 16. 19. 20. 21. New Mexico Income tax. Tax on amount on line 19 (see tax table on page 13 of CIT-1 instructions). Total tax credits applied against the income tax liability on line 20 (from CIT-CR, line A). Attach CIT-CR. 20. 21. 22. 23. 24. Net income tax. Subtract line 21 from line 20. Amount cannot be negative. Franchise tax ($50 per corporation). Total income and franchise tax. Add lines 22 and 23. 22. 23. 24. 25. Amended Returns Only. Enter amount of all 2023 refunds received and overpayments applied to 2024 (see instructions for line 27). 25. 26. Subtotal. Add lines 24 and 25. 26. 28. q Extension q Applied from prior year Total Payments: q Quarterly 27a. q Mark this box if you want to use method 4 to calculate penalty and interest on underpayment of estimated tax. See instructions, attach RPD-41287. New Mexico income tax withheld from oil and gas proceeds. Attach Forms 1099-MISC, RPD-41285. 27. 29. 30. New Mexico income tax withheld from a pass-through entity. Attach Forms 1099-MISC, RPD-41359. Total payments and tax withheld. Add lines 27 through 29. 29. 30. 31. Tax due. If line 26 is greater than line 30, subtract line 30 from line 26. 31. 32. 33. Penalty (see CIT-1 Instructions). Interest (see CIT-1 Instructions). 32. 33. 34. Total amount due. Mail your check or pay online using TAP. Add lines 31 through 33. 34. 35. 36. 37. Overpayment. If line 30 is greater than line 26, enter the difference. Amount of overpayment to apply to 2024 liability (not more than line 35). Amount of overpayment to refund. Subtract line 36 from line 35. 35. 36. 37. 38. 39. Total portion of tax credits to refund (from CIT-CR, line B). Attach CIT-CR. Total refund of overpaid tax and refundable credit due to you. Add lines 37 and 38. 38. 39. 27. Taxpayer's Signature I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or an employee of the taxpayer) is based on all information of which preparer has any knowledge. Signature of officer Date Title Taxpayer's email address Contact phone number 8. 9. 10. % 28. Paid Preparer's Use Only Signature of preparer if other than employee of the taxpayer Date P2 NMBTIN ____________________________ FEIN _______________________ P3 Preparer's PTIN _____________________ P4 Preparer's phone number ____________________________ P1 *236280200* 2023 CIT-A NEW MEXICO APPORTIONED INCOME FOR MULTISTATE CORPORATIONS (attach to CIT-1) FEIN Taxpayers with income from inside and outside New Mexico must complete this schedule. The Department cannot accept computerized schedules instead of this form. You must complete column 1, Total Everywhere, and all other applicable line items for the Department to process the return. Round all dollar amounts. A. Have you changed your reporting of any class or type of allocated or apportioned income from the way it was reported in a prior taxable year? Yes No B. This entity submitted written notification of its election to use one of the special methods of apportionment of business income for tax year ending _______________. The effective date of the election is ______________. See instructions. Month/Day/Year Month/Day/Year C. Mark the box indicating the special method elected. PROPERTY FACTOR Column 1 Total Everywhere Average annual value of inventory........................................ Average annual value of real property.................................. 1a Average annual value of personal property.......................... Rented property. Multiply annual rental value by 8............... Total property ....................................................................... 1c Headquarters Operation Manufacturers Column 2 Inside New Mexico Percent Inside New Mexico Calculate each percentage to four decimal places; for example, 22.5431%. 1b 1d 1e 1 % + 2 % 3. Sales factor. Divide column 2 by column 1 and then multiply by 100............................................................................ + 3 % 4. Sum of factor percentages. Add lines 1, 2, and 3......................................................................................................... + 4 % = 5 % 1. Property factor. Divide Total property column 2 by column 1 and then multiply by 100............................................... PAYROLL FACTOR Wages, salaries, commissions, and other compensation of employees related to apportionable income..................... 2a 2. Payroll factor. Divide column 2 by column 1 and then multiply by 100......................................................................... SALES FACTOR Gross receipts........................................................................ 3a 4a. Count of factors. Enter the total count of all factors used........................................................ 4a 5. NEW MEXICO PERCENTAGE. Divide line 4 by the number of factors entered on line 4a. Enter amount here and on CIT-1, page 2, line 13. ................................................................................................................................................ 2023 CIT-B NEW MEXICO ALLOCATION OF NON-BUSINESS INCOME OR LOSS FEIN *236380200* SCHEDULE OF INCOME NOT DERIVED FROM THE CORPORATION'S TRADE OR BUSINESS The Department cannot accept computerized schedules instead of this form. Round all dollar amounts. Column 1 Gross Amount Column 2 Related Expenses Column 3 Column 4 Column 1 less Column 2 Allocation to New Mexico 1. Non-business dividends.............................. 1 2. Non-business interest................................. 2 3. Non-business rents................................... 3 4. Non-business royalties............................... 4 5. Profit or loss on sale or exchange of non-business assets.................................. 5 6. Non-business partnership income or loss...... 6 7. Other non-business income or loss.............. 7 (Attach schedule) 8. Net allocated income. Enter here and on CIT-1, line 11. Add column 3, lines 1 through 7........................................... 8 9. Net New Mexico allocated income. Enter here and on CIT-1, line 15. Add column 4, lines 1 through 7..................................................................................... 9 2023 CIT-C CERTAIN FOREIGN DIVIDENDS, SUBPART F, AND GILTI 1. Certain dividends from foreign corporations (from federal form 1120, Schedule C, Line 14)............................... 2. Subpart F inclusions derived from hybrid dividends of tiered corporations (from federal form 1120, Schedule C, Line 16b).............................................................................................................................................................. 1 2 3. Other inclusions from CFCs under subpart F (from federal form 1120, Schedule C, Line 16c)........................... 3 4. Global Intangible Low Taxed Income (GILTI) net of the deduction provided under IRC Sec. 250 (federal form 1120, Schedule C, Line 17, net of line 22)........................................................................................................... 4 5. Foreign dividend gross-up (from federal form 1120, Schedule C, Line 18).......................................................... 5 6. Total. Add lines 1 through 5. Also enter on CIT-1, Line 8..................................................................................... 6
Form CIT-1
More about the New Mexico Form CIT-1 Corporate Income Tax Tax Return TY 2023
Extensions allow delayed filing without penalty but interest on amounts due does accrue from the original filing date.
We last updated the NM Corporate Income & Franchise Tax Return in January 2024, so this is the latest version of Form CIT-1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CIT-1 directly from TaxFormFinder. You can print other New Mexico tax forms here.
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TaxFormFinder has an additional 80 New Mexico income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the New Mexico Form CIT-1.
| Form Code | Form Name |
|---|---|
| Form CIT-1 Instructions | Instructions for Form CIT-1 Corporate Income and Franchise Tax Return |
View all 81 New Mexico Income Tax Forms
Form Sources:
New Mexico usually releases forms for the current tax year between January and April. We last updated New Mexico Form CIT-1 from the Taxation and Revenue Department in January 2024.
Form CIT-1 is a New Mexico Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of New Mexico Form CIT-1
We have a total of thirteen past-year versions of Form CIT-1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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