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New Mexico Free Printable  for 2024 New Mexico Application For Rural Job Tax Credit

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Application For Rural Job Tax Credit
Form RPD-41238

STATE OF NEW MEXICO TAXATION AND REVENUE DEPARTMENT RPD - 41238 Rev. 10/23/2014 APPLICATION FOR RURAL JOB TAX CREDIT A Rural Job Tax Credit is offered to employers who are eligible for Job Training Incentive Program assistance. It is based on the wages earned in qualifying jobs occupied by an eligible employee for at least forty-eight (48) weeks during a qualifying period. Mail to: New Mexico Taxation and Revenue Department (TRD), ATTN: Director's Office, P.O. Box 8485, Albuquerque, New Mexico 871988485. For the status of the credit application call (505) 383-0184 or (505) 383-0171. PLEASE PRINT OR TYPE Name of business New Mexico Business Tax Identification Number (NMBTIN) Physical address City, state and ZIP code Mailing address City, state and ZIP code Name of contact person Telephone number Email address Enter the information requested under the tier area column that describes the location of the job. (Tier areas are defined on the back of this form.) TIER ONE AREA TIER TWO AREA 1. Number of eligible jobs claimed* ______________ ______________ 2. Total Eligible Wages: ($16,000 maximum per job certificate)* ______________ ______________ 3. Rural Job Tax Credit: ______________ ______________ A certificate is required for each eligible job Pursuant to Paragraphs (1), (2), and (3), 26 U.S.C. Section 51(c). Multiply line 2 by .0625 * Attach Form RPD-41247, Certificate of Eligibility for the Rural Job Tax Credit, for each job for which credit is claimed in an eligible period. _________________________________________ Taxpayer's Signature _______________________________ Title _________________________________________ Telephone Number _______________________________ Date NEW MEXICO RURAL JOB TAX CREDIT Rural Job Tax Credit - Authorized by the New Mexico Taxation and Revenue Department Approval by the New Mexico Taxation and Revenue Department Department authorization: ____________________________________ Date issued: ________________________________________ Claim No. __________________ Title: __________________________________ Credit sequence number: ______________________ Total amount approved: ________________________________ This credit may be sold, exchanged, or otherwise transferred. Use Form RPD-41365, Notice of Transfer of Rural Job Tax Credit, to report to TRD a transfer or distribution of approved rural job tax credits. The parties to such a transaction shall notify TRD of the sale, exchange or transfer within ten days of such transaction. The holder of this credit may apply all or a portion of the rural job tax credit to gross receipts tax (excluding local option taxes imposed by a municipality or county), compensating or withholding tax, less the amounts of any other credit applied. The holder also may apply the credit to personal or corporate income tax liability. The credit may be carried forward for a period of three years from the date issued as referenced above. RPD - 41238 Rev. 10/23/2014 STATE OF NEW MEXICO - TAXATION AND REVENUE DEPARTMENT Application for Rural Job Tax Credit Instructions ABOUT THIS CREDIT The purpose of the rural job tax credit is to encourage businesses to start new businesses in rural areas of New Mexico. The Rural Job Tax Credit Act, Section 7-2E-1.1 NMSA 1978 provides a credit for eligible rural employers for wages paid to an eligible employee for each qualifying job the employer creates after July 1, 2000. The amount of the rural job tax credit is 6.25% of the first $16,000 in wages paid for the qualifying job in a qualifying period. An eligible employee must occupy the qualified job for at least 48 weeks. The Rural Job Tax Credit may be claimed for each qualifying job for a maximum of four qualifying periods if the job is performed or based at a location in a tier one area, and two qualifying periods if the job is performed or based at a location in a tier two area. Definition of Tier Areas and Rural Area A rural area excludes Albuquerque, Corrales, Farmington, Las Cruces, Los Alamos County, Los Ranchos, Rio Rancho, Santa Fe, or Tijeras, or any area within a ten-mile zone around any of these municipalities. A tier two area is within the cities of Alamogordo, Carlsbad, Clovis, Gallup, Hobbs, and Roswell. A tier one area is anywhere within New Mexico not listed above. Definition of Eligible Employer An employer who is eligible* for Job Training Incentive Program (JTIP) assistance by the New Mexico Economic Development Department, pursuant to Section 21-19-7 NMSA 1978. To learn more about JTIP assistance contact: New Mexico Economic Development Department, Joseph M. Montoya Building, 1100 So. St. Francis Drive, Santa Fe, NM 87505-4147 or call: (505) 827-0300 or (800) 3743061. Their Internet address is: www.gonm.biz/. *Prior to July 1, 2013, the employer needed to be approved for JTIP assistance. Effective July 1, 2013, an eligible employer qualifies when they can show that they are eligible for JTIP assistance. Definition of Qualifying Job A job established by an eligible employer that is occupied by an eligible employee for at least 48 weeks of a qualifying period. A qualifying job shall not be eligible for a rural job tax credit pursuant to this section if: 1. The job is created due to a business merger, acquisition or other change in organization; 2. The eligible employee was terminated from employment in New Mexico by another employer involved in the merger, acquisition or other change in organization; and 3. Page 1 of 2 The job is performed by: a. The person who performed the job or its functional equivalent prior to the business merger, acquisition or other change in organization; or b. A person replacing the person who performed the job or its functional equivalent prior to the business merger, acquisition or other change in organization. If, however, a qualifying job that was created by another employer and for which the rural job tax credit claim was received by the Taxation and Revenue Department prior to July 1, 2013, and is under review or has been approved shall remain eligible for the rural job tax credit for the balance of the qualifying periods for which the job qualifies by the new employer that results from a business merger, acquisition or other change in the organization. A job shall not be eligible for a rural job tax credit pursuant to this section if the job is created due to an eligible employer entering into a contract or becoming a subcontractor to a contract with a governmental entity that replaces one or more entities performing functionally equivalent services for the governmental entity in New Mexico unless the job is a qualifying job that was not being performed by an employee of the replaced entity. Definition of Qualifying Period A period of 12 months beginning on the day an eligible employee began working in the qualifying job, or a period of 12 months beginning on the anniversary of the day an eligible employee began working in a qualified job. Definition of Wages Effective July 1, 2013, wages means all compensation paid by an eligible employer to an eligible employee through the employer's payroll system, including those wages the employee elects to defer or redirect, such as the employee's contribution to 401(k) or cafeteria plan programs, but not including benefits or the employer's share of payroll taxes. CERTIFICATIONS The employer shall certify the amount of wages paid to each eligible employee during each qualified period, the number of weeks during the period the position was occupied, and whether the qualifying job was in a tier one or a tier two area. Form RPD-41247, Certificate of Eligibility for the Rural Job Tax Credit, must be completed for each eligible job within an eligible period. Certificates must be notarized and submitted with the application. APPLICATION Apply to the Taxation and Revenue Department (TRD) for the credit by completing Form RPD-41238, Application for Rural Job Tax Credit. Complete Form RPD-41247, Certificate of Eligibility for the Rural Job Tax Credit, for RPD - 41238 Rev. 10/23/2014 STATE OF NEW MEXICO - TAXATION AND REVENUE DEPARTMENT Application for Rural Job Tax Credit Instructions each eligible job within an eligible period. On the application, summarize the wages reported on the certificates and calculate the amount of credit. Attach certificate(s) to the application and submit to TRD. TRD may approve the credit and issue to the applicant a document granting the tax credit. FORM INSTRUCTIONS Complete all information requested in the address block. 1. Enter the number of eligible jobs for which credit is claimed. (A certificate must be attached for each eligible job). 2. Enter the sum of the wages for each eligible job as certified by the applicant. (Maximum $16,000 of wages paid for each qualifying job per qualified period.) The Rural Job Tax Credit may be claimed a maximum of: a. Four qualifying periods for each job performed or based at a location in a tier one area, or b. Two qualifying periods for each job performed or based at a location in a tier two area. 3. Multiply line 2 by .0625 to compute the total Rural Job Tax Credit. Attach a Form RPD-41247, Certificate of Eligibility for the Rural Job Tax Credit, for each eligible job included in line 1. Complete taxpayer signature, title, telephone number and date. Mail to: Taxation and Revenue Department, ATTN: Director's Office, P.O. Box 8485, Albuquerque, New Mexico 87198-8485. For status of the application call, (505) 3830184 or (505) 383-0171. Page 2 of 2 USING THE RURAL JOB TAX CREDIT The holder of the credit may apply all or a portion of the Rural Job Tax Credit to gross receipts less any taxes collected with respect to local option gross receipts taxes (5.125% of taxable receipts), compensating, and withholding taxes due, less the amount of any credit other than the Rural Job Tax Credit applied. The holder may also apply the credit to personal or corporate income tax liability. If a PTE is a holder of the credit, the PTE may pass the credit to its owners so that the owners may claim the credit against their corporate or personal income tax liabilities. Use Form RPD-41365, Notice of Transfer of Rural Job Tax Credit, to report to TRD a distribution of approved rural job tax credit to the owners, members or partners of a PTE. To claim approved credits against tax liabilities, complete Form RPD-41243, Rural Job Tax Credit Claim Form, and submit the form with the return to which the taxpayer wishes to apply the credit. The credit can be carried forward for a period of three years from the date the credit is issued. TRANSFER OF CREDIT This credit may be sold, exchanged, or otherwise transferred. The parties to such a transaction shall notify the New Mexico Taxation and Revenue Department within ten days of the transaction. Use Form RPD-41365, Notice of Transfer of Rural Job Tax Credit, to report to TRD a transfer or distribution of approved rural job tax credits. Mail the notification of transfer to: New Mexico Taxation and Revenue Department, PIT Edit Error, P.O. Box 5418, Santa Fe, New Mexico 87502-5418.
Extracted from PDF file 2023-new-mexico-form-rpd-41238.pdf, last modified August 2021

More about the New Mexico Form RPD-41238 Other Tax Credit TY 2023

We last updated the Application For Rural Job Tax Credit in February 2024, so this is the latest version of Form RPD-41238, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form RPD-41238 directly from TaxFormFinder. You can print other New Mexico tax forms here.

Other New Mexico Other 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 RPD-41317 Solar Market Development Income Tax Credit Claim F
Form RPD-41083 Affidavit to Obtain Refund of NM Tax due a Deceased Taxpayer
Form RPD-41285 (Obsolete) Annual Statement of Withholding of Oil and Gas Proceeds
Form RPD-41272 Calculation of Estimated PIT Underpayment Penalty Form
Form ACD-31102 Tax Information Authorization

Download all NM tax forms 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 RPD-41238 from the Taxation and Revenue Department in February 2024.

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Form RPD-41238 is a New Mexico Other 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.

Historical Past-Year Versions of New Mexico Form RPD-41238

We have a total of thirteen past-year versions of Form RPD-41238 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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