New Mexico Veteran Employment Tax Credit Claim Form

Veteran Employment Tax Credit Claim Form
Form RPD-41372
RPD-41372
Rev. 08/20/2015

State of New Mexico - Taxation and Revenue Department

VETERAN EMPLOYMENT TAX CREDIT CLAIM FORM

HOW TO USE THIS FORM. When claiming a veteran employment tax credit, this form must accompany the tax return to
which the taxpayer wishes to apply the credit.
NOTE: Excess credit may not be refunded to the taxpayer, but may be carried forward for up to three years. Please see the
instructions to determine the correct amount that can be applied to any return.
Attach this form to the tax return to which you wish to apply the credit and mail to the address on the tax return. For assistance
claiming this credit call (505) 827-0792.
ABOUT THIS TAX CREDIT
For tax years beginning on or after January 1, 2012 but not after December 31, 2016, a taxpayer who employs a qualified
military veteran in New Mexico is eligible for a credit against the taxpayer’s personal or corporate income tax liability for up
to $1,000 for wages paid to each qualified military veteran who is employed full time in New Mexico. If the veteran is employed for less than a full year, the credit for that year is reduced based on the fraction of the year the veteran was actually
employed. The credits allowed per veteran are limited to a maximum of one year’s employment. See the instructions for
Form RPD-41371, Application for Veteran Employment Tax Credit, for additional requirements.
To apply for the credit, submit a completed Form RPD-41371, Application for Veteran Employment Tax Credit, to the Taxation
and Revenue Department (TRD). See Form RPD-41371 for details on obtaining approval. Once you have been approved
for the credit by TRD you may use this Form RPD-41372, Veteran Employment Tax Credit Claim Form, to claim the credit
against your personal or corporate income tax liability due. When claiming approved veteran employment tax credit(s), this
form must accompany the tax return to which the taxpayer wishes to apply the credit.
That portion of a veteran employment tax credit approved by TRD that exceeds a taxpayer’s income tax liability in the tax
year in which the veteran employment tax credit is claimed may not be refunded to the taxpayer, but may be carried forward
for up to three years.
Enter the FEIN or the SSN of the claimant

Name of taxpayer (claimant)

Check one:	

	

FEIN
SSN

Computation of the Amount of Tax Credit Claimed
1.	 Enter the beginning and ending date of the report period to which you wish
to apply approved veteran employment tax credit.
2.	 Enter the net New Mexico income tax calculated before applying any
credit.
	3.	 Enter the portion of total credit available (from Schedule A) claimed on your
current New Mexico PIT-1, CIT-1, S-Corp or FID-1 tax return. Do not enter
more than the amount of Net New Mexico tax due. The credit used may not
exceed the amount of tax otherwise due. Also attach a completed Schedule
CR for the applicable tax program.

From

to

2.

$

3.

$

Enter the credit claimed on the applicable line of the New Mexico income tax Schedule PIT-CR, CIT-CR, S-Corp-CR, or
FID-CR, and attach it to the New Mexico income tax return to which the credit is to be applied. The veteran employment tax
credit may be deducted only from the claimant’s New Mexico personal or corporate income tax liability.
NOTE: Failure to attach this form to your New Mexico personal or corporate income tax return will result in denial of the credit.
I certify that I have examined this return including accompanying returns and statements, and to the best of my knowledge
and belief, they are true, correct and complete.

Signature of Taxpayer or Agent

Title

Date

RPD-41372
Rev. 08/20/2015

State of New Mexico - Taxation and Revenue Department

VETERAN EMPLOYMENT TAX CREDIT CLAIM FORM
Schedule A

Once the veteran employment tax credit is approved, complete and attach Form RPD-41372, Veteran Employment Tax
Credit Claim Form, including Schedule A, to your New Mexico tax return. If claiming the credit against income taxes, also
attach the applicable tax credit Schedule PIT-CR, CIT-CR, S-Corp-CR or FID-CR.
(a)
TRD - approval #

(b)
Year of approval

(c)
Amount of credit
approved

(d)
Total credit claimed
in previous tax years

(e)
Unused credit [(c) - (d)]

TOTAL credit available

Enter the sum of column (f) here and on
line 3 of Form RPD-41372, page 1.

(f)
Applied to the attached
return

RPD-41372
Rev. 08/20/2015

State of New Mexico - Taxation and Revenue Department

VETERAN EMPLOYMENT TAX CREDIT CLAIM FORM
INSTRUCTIONS

The veteran employment tax credit may not be transferred to another taxpayer, but the right to claim the credit may be allocated to the owners of a business entity that is taxed federally as a partnership. The credit may be allocated to owners in
proportion to the owner’s interest in the business. See Form RPD-41371, Application for Veteran Employment Tax Credit,
for allocating the credit.
Married individuals filing separate returns for a tax year for which they could have filed a joint return, each may claim only
one-half of the veteran employment tax credit that would have been claimed on a joint return.
HOW TO COMPLETE THIS FORM
Enter the name of the claimant and the claimant’s federal identification number (FEIN) or social security number (SSN).
Indicate whether the number is the FEIN or the SSN by checking the applicable box.
On line 1, enter the beginning and ending date of the report period to which you wish to apply the approved credit. Complete
lines 2 and 3 showing the net New Mexico tax due and the amount of credit claimed. All claimants must complete and
attach Schedule A reporting each credit claimed. NOTE: Excess credit may not be refunded to the taxpayer, but may be
carried forward for up to three years.
Attach this claim form (RPD-41372) to the tax return to which you wish to apply the veteran employment tax credit.
Approved credit should first be applied to the tax due for the year in which the wages were paid. Then apply the carryforward
of approved credits for wages paid in a prior year. Excess credit may not be refunded to the taxpayer, but may be carried
forward for up to three years.

Schedule A Instructions
For each veteran employment tax credit approved, complete a row in Schedule A. Do not include credits which have been
claimed in full.

COLUMN INSTRUCTIONS
(a) Credit number. Enter the credit number assigned by the Taxation and Revenue Department on your approval documentation.
(b) Year of approval. Enter the employer’s tax year in which the eligible employment took place from your approval documentation.
(c) Amount of credit approved. For each credit, enter the amount of credit approved.
(d) Credit previously claimed. For each credit, enter the total amount of credit claimed in all report periods prior to the
current report period.
(e) Unused credit. For each credit, subtract the amount in column (d) from the amount in column (c).
(f) Applied to the attached return. For each credit, enter in column (f) the amount that is applied to the attached New
Mexico tax return.
When calculating the amount in column (f), apply the following rules:
•	

Applying credits: Apply veteran employment tax credits in the order that they were approved. If you have both a
carry-forward credit and new credit for the current tax year, apply the oldest credit against the income tax liability first.

•	

The maximum amount of credit claimed in a tax year. The sum of tax credits applied to the tax due on the return
may not exceed the income tax claimed on the New Mexico income tax return. That amount is the net New Mexico
income tax calculated before applying any tax credits claimed.
NOTE: Failure to attach this form and other required attachments to your New Mexico tax return
will result in denial of the credit.