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New Mexico Fiduciary Tax Credit Schedule
Extracted from PDF file 2023-new-mexico-form-fid-cr.pdf, last modified August 2023Fiduciary Tax Credit Schedule
2023 FID-CR NEW MEXICO TAX CREDIT SCHEDULE Print the name of estate or trust *238280200* FEIN of estate or trust Use this schedule to claim the tax credits listed below that you may take against New Mexico fiduciary income tax reported on your Fiduciary Income Tax Return (FID-1). If applicable, you may also claim the refundable portion of approved tax credits using this schedule, if applicable. On FID-1, line 11, enter the total tax credits you claimed on line A of this schedule to apply to tax due. On FID-1, line 39, enter the total refundable part of the tax credits claimed on line B of this schedule. Be sure to attach the appropriate backup documentation to support each tax credit you take and attach this FID-CR to your income tax return, Form FID-1. To calculate the amount you may claim, refer to the claim form or supporting instructions for the credit. The sum of credits claimed on Schedule FID-CR may not exceed the amount on Form FID-1, line 9, less any credit for tax paid to another state reported on line 10. For a complete description of credits, see the instructions and FYI-106, Claiming Business-Related Tax Credits for Individuals and Businesses. Credit Type Code A01 A02 A04 A05 F02 G01 J01 L01 P01 R01 R02 S01 S02 S03 Credit Name and Attachments Required to Claim Credit Non-Refundable (Credits may be claimed in column C only.) Affordable Housing Tax Credit. Attach Form RPD-41301 and MFA investment vouchers. Angel Investment Credit. Attach Form RPD-41320 and certificate of eligibility. Advanced Energy Tax Credit. Attach Form RPD-41334 and approval letter. (Repealed July 1, 2023) Agricultural Biomass Tax Credit. Attach Form RPD-41361 and certificate of eligibility. Foster Youth Employment Corporate Income Tax Credit. Attach Form RPD-41390. Geothermal Ground-Coupled Heat Pump Tax Credit. Attach Form RPD-41346 and certificate of eligibility. Job Mentorship Tax Credit. Attach Forms RPD-41281 and RPD-41280 Land Conservation Incentives Credit. Attach Form RPD-41282 and approval letter of qualified donation. Preservation of Cultural Property Credit. Attach Form PIT-4, certification letter and Part 2 approval. Rural Job Tax Credit. Attach Form RPD-41243. Rural Health Care Practitioners Tax Credit. Attach Form RPD-41326 and certification. Solar Market Development Tax Credit. Attach Form RPD-41317 and certification. Sustainable Building Tax Credit. Attach Form RPD-41329 and letter of eligibility. 2015 Sustainable Building Tax Credit. Attach Form RPD-41383 and letter of eligibility. F01 F03 F04 R03 S04 S05 T02 Refundable (Credits may be applied against tax due in column C and refunded in column D) Film Production Tax Credit. Attach Form RPD-41228. New Film Production Tax Credit. Attach RPD-41228. New Mexico Film Partner New Film Production Tax Credit. Attach RPD-41228. Renewable Energy Production Tax Credit. Attach Form RPD-41227 and certificate of eligibility. New Solar Market Development Tax Credit. Attach TRD-41406 and certification. 2021 Sustainable Building Tax Credit. Attach TRD-41252 and certificate of eligibility. Technology Jobs And Research And Development (additional) Tax Credit. Attach Form RPD-41386. Important: Fill out columns A-D, rows 1-5 if applicable. Incomplete claim forms may result in denial of the credit. You must use the table below, substitute schedules or tables are not allowed. Column A Column B Column C Column D Credit Type Code Credit Approval Number Amount of Credit Applied to Tax Due Amount of Credit to Refund 1. 2. 3. 4. 5. A. TOTAL applied to tax liability due.................................... Enter the sum of column C. Also enter this amount on FID-1, line 11. If you are claiming more that 5 credits, include the amounts from your FID-CR Supplemental schedule. B. TOTAL portion of tax credits to refund ..................................................................................... Enter the sum of column D. Also enter this amount on FID-1, line 39. If claiming more than 5 credits, include all refundable amounts of credit types F01, F03, F04, R03, S04, S05, and T02 from your FID-CR Supplemental schedule. 2023 FID-CR Supplemental *238290200* NEW MEXICO SUPPLEMENTAL TAX CREDIT SCHEDULE Print the name of estate or trust FEIN of estate or trust If you are claiming more than five tax credits on your New Mexico Fiduciary Income Tax Return (FID-1), use this FID-CR Supplemental Schedule. If this is the case, you must claim the first five on Schedule FID-CR and then claim the sixth and any additional credits on a supplemental schedule. The credit type codes and names are listed on FID-CR. Column A Column B Column C Column D Credit Type Code Credit Approval Number Amount of Credit Applied to Tax Due Amount of Credit to Refund 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. Total applied on this sheet .................................................... Enter the sum of column C. Include this amount on FID-CR, line A. Portion of tax credits to refund............................................................................................................ Enter the sum of column D. Include this amount on FID-CR, line B. If you need more space, use multiple FID-CR Supplemental Schedules. You must attach FID-CR and all FID-CR supplemental schedules to your FID-1. If they are not attached, the Department denies any additional tax credit claims.
Form FID-CR
More about the New Mexico Form FID-CR Corporate Income Tax Tax Credit TY 2023
We last updated the Fiduciary Tax Credit Schedule in February 2024, so this is the latest version of Form FID-CR, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form FID-CR directly from TaxFormFinder. You can print other New Mexico tax forms here.
Other New Mexico Corporate Income Tax Forms:
TaxFormFinder has an additional 80 New Mexico income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form FID-1-2018 (Obsolete) | Instructions for Form FID-1 Fiduciary Income Tax Return |
| Form CIT-1 Instructions | Instructions for Form CIT-1 Corporate Income and Franchise Tax Return |
| Form PTE-NM (Obsolete) | Information Return for Pass-Through Entities |
| Form PTE-NM Instructions (Obsolete) | Instructions for Form PTE Information Return for Pass-Through Entities |
| Form FID-1 NM | Fiduciary Income 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 FID-CR from the Taxation and Revenue Department in February 2024.
Form FID-CR is a New Mexico Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
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 FID-CR
We have a total of twelve past-year versions of Form FID-CR 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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