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New Mexico Tax Credit Schedule
Extracted from PDF file 2023-new-mexico-form-cit-cr.pdf, last modified August 2023Tax Credit Schedule
2023 CIT-CR NEW MEXICO TAX CREDIT SCHEDULE Federal Employer Identification Number (FEIN) *236480200* Use this schedule to claim the tax credits listed below that you may take against New Mexico corporate income tax reported on your Corporate Income and Franchise Tax Return (CIT-1). If applicable, you may also claim the refundable portion of approved tax credits using this schedule. On CIT-1, enter the total tax credits you claimed on line A of this schedule to apply to your income tax liability. On CIT-1, also enter the total refundable portion of the tax credits claimed on line B of this schedule. Attach the appropriate backup documents to support each tax credit you take and attach Schedule CIT-CR to your CIT-1. To calculate the amount you may claim, refer to the claim form or supporting instructions for the credit. The sum of credits applied to tax due on Schedule CIT-CR may not exceed the amount of New Mexico income tax on CIT-1, line 20. For a complete description of the credits, see the CIT-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 (claim credits in column C only) A01 Affordable Housing Tax Credit. Attach RPD-41301 and MFA investment vouchers. A04 Advanced Energy Tax Credit. (Repealed July 1, 2023) A05 Agricultural Biomass Tax Credit. Attach RPD-41361 and certificate of eligibility. C02 Corporate 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 certificate of eligibility. 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 of qualified donation. P01 Preservation of Cultural Property Credit. Attach CIT-4, certification letter, 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. Refundable (apply credit amount to tax due in column C and amount to refund in column D) F01 Film Production Tax Credit. Attach RPD-41228. F03 New Film Production Tax Credit. Attach RPD-41228. F04 New Mexico Film Partner New Film Production Tax Credit. Attached RPD-41228. R03 Renewable Energy Production Tax Credit. Attach RPD-41227, certificate of eligibility, other documents. T02 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 CIT-1, page 2, line 21. If you are claiming more that 5 credits, include the amounts from your CIT-CR Supplemental schedule. B. TOTAL portion of tax credits to refund ...................................................................................... Enter the sum of column D. Also enter this amount on CIT-1, page 2, line 38 If claiming more than 5 credits, include all refundable amounts of credit types F01, F03, F04, R03, and T02 from your CIT-CR Supplemental schedule. 2023 CIT-CR Supplemental *236490200* NEW MEXICO SUPPLEMENTAL TAX CREDIT SCHEDULE Federal Employer Identification Number (FEIN) If you are claiming more than five tax credits on your New Mexico Corporate Income and Franchise Tax Return (CIT-1), use this CIT-CR Supplemental Schedule. Claim the first five credits on Schedule CIT-CR and then claim the sixth and any additional credits on this supplemental schedule. The credit type codes and names are listed on CIT-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 CIT-CR, line A. Portion of tax credits to refund............................................................................................................ Enter the sum of column D. Include this amount on CIT-CR, line B. If you need more space, use multiple CIT-CR Supplemental Schedules. You must attach CIT-CR and all CIT-CR supplemental schedules to your CIT-1. If they are not attached, the Department denies any additional tax credit claims.
Form CIT-CR
More about the New Mexico Form CIT-CR Corporate Income Tax Tax Credit TY 2023
We last updated the Tax Credit Schedule in February 2024, so this is the latest version of Form CIT-CR, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CIT-CR directly from TaxFormFinder. You can print other New Mexico tax forms here.
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| 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 CIT-CR from the Taxation and Revenue Department in February 2024.
Form CIT-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 CIT-CR
We have a total of thirteen past-year versions of Form CIT-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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