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New Mexico Non-Refundable Tax Credit Schedule
Extracted from PDF file 2023-new-mexico-form-pit-cr.pdf, last modified August 2023Non-Refundable Tax Credit Schedule
2023 PIT-CR NEW MEXICO BUSINESS-RELATED INCOME TAX CREDIT SCHEDULE *230680200* YOUR SOCIAL SECURITY NUMBER Print your name (first, middle, last) Use this schedule to claim the business-related income tax credits listed on this form that you may take against New Mexico personal income taxes. If applicable, you may also claim the refundable portion of approved tax credits using this schedule. On your Personal Income Tax Return (PIT-1), line 21, enter the total tax credits you claimed on line A of this schedule to apply to tax due. On PIT-1, line 26, 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. When claiming these credits, you must attach Schedule PIT-CR to your PIT-1. To calculate the amount you may claim for any tax year, refer to the claim form for the credit, or if no claim form, refer to the instructions. The sum of credits claimed on this PIT-CR and the credit for taxes paid to another state you claimed on PIT-1, line 20, may not exceed the sum of PIT-1, lines 18 and 19. For a complete description of the credits, see the PIT-CR instructions and FYI-106, Claiming Business-Related Tax Credits for Individuals and Businesses. Credit Type Code Credit Name and Attachments Required to Claim Credit Non-Refundable (Credits may be claimed in column C only.) A01 Affordable Housing Tax Credit. Attach Form RPD-41301 and MFA investment vouchers. A02 Angel Investment Credit. Attach Form RPD-41320 and certificate of eligibility. A04 Advanced Energy Tax Credit. Attach Form RPD-41334 and approval letter. Repealed July 1, 2023. A05 Agricultural Biomass Tax Credit. Attach Form RPD-41361 and certificate of eligibility. F02 Foster Youth Employment Personal Income Tax Credit. Attach RPD-41390. G01 Geothermal Ground-Coupled Heat Pump Tax Credit. Attach Form RPD-41346 and certificate of eligibility. J01 Job Mentorship Tax Credit. Attach Forms RPD-41281 and RPD-41280 L01 Land Conservation Incentives Credit. Attach Form RPD-41282 and approval letter of qualified donation. P01 Preservation of Cultural Property Credit. Attach Form PIT-4, certification letter and Part 2 approval. R01 Rural Job Tax Credit. Attach Form RPD-41243. R02 Rural Health Care Practitioners Tax Credit. Attach Form RPD-41326 and certification. S01 Solar Market Development Tax Credit. Attach Form RPD-41317 and certification. S02 Sustainable Building Tax Credit. Attach Form RPD-41329 and letter of eligibility. S03 2015 Sustainable Building Tax Credit. Attach Form RPD-41383 and letter of eligibility. S04 New Solar Market Development Tax Credit. Attach TRD-41406 and certification. S05 2021 Sustainable Building Tax Credit. Attach TRD-41252 and certificate 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 Form RPD-41228. New Mexico Film Partners New Film Production Tax Credit. Attached Form 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 PIT-1, line 21. If you are claiming more that 5 credits, include the amounts from your PIT-CR Supplemental schedule. B. TOTAL portion of tax credits to refund (credit types F01, F03, F04, R03, S04, S05 and T02)............ Enter the sum of column D. Also enter this amount on PIT-1, line 26. If claiming more than 5 credits, include all refundable amounts of credit types F01, F03, F04, R03,S04, S05 and T02 from your PIT-CR Supplemental schedule. 2023 PIT-CR Supplemental *230690200* NEW MEXICO SUPPLEMENTAL BUSINESS-RELATED INCOME TAX CREDIT SCHEDULE YOUR SOCIAL SECURITY NUMBER Print your name (first, middle, last) If you are claiming more than five tax credits on your New Mexico Personal Income Tax Return (PIT-1), use this PITCR Supplemental Schedule. Claim the first five on Schedule PIT-CR and then claim the sixth and any additional credits on a supplemental schedule. The credit type codes and names are listed on PIT-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 PIT-CR, line A. Portion of tax credits to refund (credit types F01, F03, F04, R03, S04, S05 and T02)....................... Enter the sum of column D. Include this amount on PIT-CR, line B. If you need more space, use multiple PIT-CR Supplemental Schedules. You must attach PIT-CR and all PIT-CR supplemental schedules to your PIT-1. If they are not attached, the Department denies any additional tax credit claims.
Form PIT-CR
More about the New Mexico Form PIT-CR Individual Income Tax Tax Credit TY 2023
We last updated the Non-Refundable Tax Credit Schedule in January 2024, so this is the latest version of Form PIT-CR, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form PIT-CR directly from TaxFormFinder. You can print other New Mexico tax forms here.
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| Form Code | Form Name |
|---|---|
| Form PIT-ES | Estimated Payment Voucher |
| Form PIT-1 | Personal Income Tax Return |
| Income Tax Instructions | Individual Income Tax Instructions |
| Form PIT-RC | Rebate & Credit Schedule |
| Form PIT-ADJ | Schedule of Additions & Deductions and Exemptions |
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 PIT-CR from the Taxation and Revenue Department in January 2024.
Form PIT-CR is a New Mexico Individual 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 Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of New Mexico Form PIT-CR
We have a total of thirteen past-year versions of Form PIT-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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