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New Mexico S-Corp Tax Credit Schedule
Extracted from PDF file 2023-new-mexico-form-s-corp-cr.pdf, last modified August 2023S-Corp Tax Credit Schedule
2023 S-Corp-CR NEW MEXICO TAX CREDIT SCHEDULE Federal Employer Identification Number (FEIN) *235180200* Use this schedule to claim the tax credits listed below that you may take against New Mexico corporate income tax reported on your Sub-Chapter S Corporate Income and Franchise Tax Return (Form S-Corp). If applicable, you may also claim the refundable portion of approved tax credits using this schedule. On Form S-Corp, line 5, enter the total tax credits you claimed on line A of this schedule to apply to your tax due. On Form S-Corp, line 21, enter the total refundable part of the tax credits claimed on line B of this schedule. Be sure to attach the appropriate backup documents to support the tax credit you take and attach Schedule S-Corp-CR to your Form S-Corp. 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 S-Corp-CR may not exceed the amount on Form S-Corp-1, line 4. For a complete description of the credits, see the S-Corp 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 (claim credits in column C only) A01 Affordable Housing Tax Credit. Attach RPD-41301 and vouchers. A04 Advanced Energy Tax Credit. (Repealed effective July 1, 2023) A05 Agricultural Biomass Tax Credit. Attach RPD-41361 and certification. C02 Corporate-Supported Child Care Tax Credit. Attach CIT-3. F02 Foster Youth Employment Corporate Income Tax Credit. Attach RPD-41390 G01 Geothermal Ground-Coupled Heat Pump Tax Credit. Attach RPD-41346 and certification. G02 Intergovernmental Business Tax Credit. Attach entitlement statement and proof of payment. J01 Job Mentorship Tax Credit. Attach RPD-41281 and RPD-41280. L01 Land Conservation Incentives Credit. Attach RPD-41282 and approval letter. P01 Preservation of Cultural Property Credit. Attach CIT-4, certification, and Part 2 approval. R01 Rural Job Tax Credit. Attach RPD-41243. S02 Sustainable Building Tax Credit. Attach RPD-41329 and letter of eligibility. S03 2015 Sustainable Building Tax Credit. Attach RPD-41383 and letter of eligibility. S05 2021 Sustainable Building Tax Credit. Attach TRD-41252 and certificate of eligibility. F01 F03 F04 R03 T02 Refundable (apply credit amount to tax due in column C and amount to refund in column D) Film Production Tax Credit. Attach RPD-41228. New Film Production Tax Credit. Attach RPD-41228. New Mexico Film Partner New Film Production Tax Credit. Attached RPD-41228. Renewable Energy Production Tax Credit. Attach RPD-41227, certification, and other documents. Technology Jobs and Research and Development (Additional) Tax Credit. Attach 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 S-Corp, line 5. If you are claiming more that 5 credits, include the amounts from your S-Corp-CR Supplemental schedule. B. TOTAL portion of tax credits to refund ...................................................................................... Enter the sum of column D. Also enter this amount on S-Corp, line 22. If claiming more than 5 credits, include all refundable amounts of credit types F01, F03, F04, R03, and T02 from your S-CorpCR Supplemental schedule. 2023 S-Corp-CR Supplemental NEW MEXICO SUPPLEMENTAL TAX CREDIT SCHEDULE *235190200* Federal Employer Identification Number (FEIN) If you are claiming more than five tax credits on your New Mexico Sub-Chapter S Corporate Income and Franchise Tax Return (Form S-Corp), use this S-Corp-CR Supplemental Schedule. Claim the first five on Schedule S-Corp-CR and then claim the sixth and any additional credits on this supplemental schedule. The credit type codes and names are listed on S-Corp-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 S-Corp-CR, line A. Portion of tax credits to refund............................................................................................................. Enter the sum of column D. Include this amount on S-Corp-CR, line B. If you need more space, use multiple S-Corp-CR Supplemental Schedules. You must attach S-Corp-CR and all S-Corp-CR supplemental schedules to your Form S-Corp. If they are not attached, the Department denies any additional tax credit claims.
Form S-Corp-CR
More about the New Mexico Form S-Corp-CR Corporate Income Tax TY 2023
We last updated the S-Corp Tax Credit Schedule in February 2024, so this is the latest version of Form S-Corp-CR, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form S-Corp-CR 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 S-Corp-CR.
| Form Code | Form Name |
|---|---|
| Form S-Corp-1 (Obsolete) | Sub-Chapter S Corporate Income and Franchise Tax Return |
| Form S-Corp INS (Obsolete) | Instructions for Form S-CORP Sub-Chapter S Corporate Income and Franchise Tax Return |
| Form S-Corp-EXT | S-Corp Extension Payment Voucher |
| Form S-Corp-ES | Sub-Chapter S Corporate Income and Franchise Estimated Tax Payment Voucher |
| Form S-Corp-PV | S Corp Tax Payment Voucher |
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 S-Corp-CR from the Taxation and Revenue Department in February 2024.
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 S-Corp-CR
We have a total of six past-year versions of Form S-Corp-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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