New Mexico Affordable Housing Tax Credit Claim Form

Affordable Housing Tax Credit Claim Form
Form RPD-41301
RPD-41301
Rev. 07/01/2021

New Mexico Taxation and Revenue Department

AFFORDABLE HOUSING TAX CREDIT CLAIM FORM

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PURPOSE OF THIS FORM: When claiming the affordable housing tax credit, this form must accompany the applicable tax return, see
instructions for applicable tax programs. The holder of an investment voucher may apply all or a portion of the value (approved tax credit
amount) of the investment voucher as an affordable housing tax credit against the holder’s modified combined tax liability (see definition
on page 3), personal income tax, or corporate income tax liability. Any balance may be carried forward for up to five years from the end of
the calendar year in which the investment voucher for the affordable housing project was originally issued, or the original voucher date. To
claim the credit, the holder must attach a completed Form RPD-41301, Affordable Housing Tax Credit Claim Form, to the return in which
you wish to apply the credit on or before the due date of the return. You may apply this credit when you file your return online. Sign into
Taxpayer Access Point (TAP) at https://tap.state.nm.us, and follow the prompts to attach this form. To mail in, attach this form to the
tax return and mail to the address on the return. For assistance completing this form, call (505) 827-0792 or email BusinessCredit.Mgr@
state.nm.us.
The holder is the individual or business to whom an investment voucher has been issued or to whom the investment voucher has been
sold, exchanged or otherwise transferred. When an investment voucher is transferred to a new holder, notification must be made to the
New Mexico Taxation and Revenue Department and New Mexico Mortgage Finance Authority (MFA) within ten days of the transfer by
submitting to the MFA a completed Affordable Housing Tax Credit Transfer Form. The new holder will receive notification of approval of
the transfer and a new voucher number will be issued for the investment voucher or the portion of the balance that was transferred. A
taxpayer may not claim the tax credit until the transfer investment voucher and subsequent voucher number have been issued. (See more
about Transfers on page 3.)
Social security number (SSN) or federal employer
identification number (FEIN) of holder

Name of holder

Mark one:	
	
Mailing address

Name of contact

FEIN
SSN

City, state and ZIP code

E-mail address

Phone number

1.	 Enter the beginning and ending date of the tax year of this claim.

From

to

2.	 Enter the New Mexico tax due for this report period. If applying against an income tax
return, enter the Net New Mexico income tax calculated before applying any credit.

2.

3.	 Enter the portion of total credit available (from Schedule A) you are claiming on the attached tax return. Do not enter more than the amount of Net New Mexico tax due on
the return (Imporant: Include Schedule CR when inticated in the instructions)..............

3.

NOTE: Failure to attach this form and required attachments to your New Mexico return will result in denial of the credit.
Under penalty of perjury I declare that I have examined this claim, and to the best of my knowledge and belief, it is
true, correct and complete.
Signature of claimant

Date

RPD-41301
Rev. 07/01/2021

New Mexico Taxation and Revenue Department

AFFORDABLE HOUSING TAX CREDIT CLAIM FORM
Schedule A

You must attach Schedule A with Form RPD-41301, Affordable Housing Tax Credit Claim Form.
Column A
Investment Voucher
Number

Column B
Issue Date

Column C
Amount Of Credit
Approved

Column D
Total Credit Claimed
In Previous Tax Years

		

Column E
Unused Credit
(C - D)

TOTAL credit available

Enter the sum of Column F here and on
line 3 of Form RPD-41301, page 1.

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Column F
Applied To The
Attached Return

RPD-41301
Rev. 07/01/2021

New Mexico Taxation and Revenue Department

AFFORDABLE HOUSING TAX CREDIT CLAIM FORM
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About This Credit:
The Mortgage Finance Authority (MFA) may issue investment vouchers to persons who have invested in approved affordable housing
projects. MFA may issue an investment voucher to a person who
has made an investment of land, buildings, materials, cash, or services for an affordable housing project approved by MFA or for a
trust fund administered by MFA. The vouchers, good for up to 50%
of the investment, may be sold or transferred. Affordable housing
projects cover land acquisition, construction, materials, building
acquisition, remodeling, improvement, rehabilitation, conversion,
or weatherization for single family residential housing or multifamily
residential housing approved by MFA. After receiving the investment
vouchers from MFA, the taxpayer may apply them for a credit against
the taxpayer’s modified combined tax liabilities, personal income
tax, or corporate income tax liabilities, and the taxpayer may carry
unused credit forward for five years.
NOTE: Effective July 1, 2010, this law is expanded to include all
counties, and adds materials to the list of eligible investments.
Transfers:
The credit may also be sold, exchanged, or otherwise transferred
to another holder. When an investment voucher is transferred in
whole or in part to a new holder, New Mexico Taxation and Revenue
Department and MFA must be notified within 10 days of the transfer
by submitting a completed Affordable Housing Tax Credit Transfer
Form to MFA. The Affordable Housing Tax Credit Transfer Form may
be obtained from MFA. The new holder will be notified of approval
of the transfer and issued a new investment voucher number. The
transfer form will identify the new holder, the new voucher number,
and the transfer amount, but will also identify the original voucher
date. The original voucher date is the date the original investment
voucher was issued for the affordable housing project. Upon receipt
of the approved transfer form, the new holder may apply the affordable housing tax credit against future returns, but may not carry
forward any credit for more than 5 years from the calendar year in
which the original investment voucher was issued.
For example, if an affordable housing project was approved and
later certified by MFA, and the resulting original investment voucher
was issued to holder Z on January 15, 2006, Z may not claim the
affordable housing tax credit for any unused balance of the investment voucher after December 31, 2011. If all or a portion of the
investment voucher balance is subsequently transferred to holder
X, X may not claim the tax credit for the transferred balance after
December 31, 2011. The original voucher date for the original investment voucher issued to Z and the transfer investment voucher
issued to X is January 15, 2006.
“Modified combined tax liability” means the total liability for
the report period for gross receipts tax less any local option gross
receipts tax due (5.125% of taxable gross receipts), compensating and withholding taxes, interstate telecommunications gross
receipts tax, E911 surcharges, and telecommunications relay surcharges, minus any credit (other than the affordable housing tax
credit) applied against these taxes. Modified combined tax liability
does not include amounts collected for local option gross receipts
taxes and governmental gross receipts taxes.
How To Apply For The Credit:
Taxpayers seeking the affordable housing tax credit must contact the New Mexico Mortgage Finance Authority (505-843-6880

or 800-444-6880) for approval of the project and issuance of
the investment vouchers.
How To Claim The Credit:
When completing Form RPD-41301, Affordable Housing Tax Credit
Claim Form, report new investment vouchers on line 1, and attach
Schedule A if you have any investment vouchers that were previously claimed. Schedule A is used to compute any carryforward
credits allowable. Attach Schedule B if there is more than one
investment voucher to claim.
Attach Form RPD-41301, Affordable Housing Tax Credit Claim
Form, to the return for taxes against which you wish to apply the
credit. Enter the credit claimed on the applicable line of the New
Mexico income/business tax form for the following tax programs:
Income Tax Programs

Required Forms

Corporate Income Tax

CIT-1, CIT-CR

Fiduciary Income Tax

FID-1, FID-CR

Personal Income Tax

PIT-1, PIT-CR

Sub Chapter S Corporate
Income and Franchise Tax

S-Corp, S-Corp-CR

Business Tax Programs

Required Forms

Compensating Tax

TRD-41412, Sched CR

E911 Services Surcharge*

RPD-41114

Gross Receipts Tax

TRD-41413, Sched CR

Interstate Telecommunications
Gross Receipts Tax

TRD-41410, Sched CR

Telecommuications Relay
Services Surcharge*

RPD-41116

Non-wage Withholding Tax

TRD-41409, Sched CR

Wage Withholding Tax
TRD-41414, Sched CR
*Underpay the amount recorded as due by the amount of the credit
claimed.
The credit to be applied may not exceed the tax liability due on
the return. First, apply unused credit available from the investment
voucher with the oldest original voucher date to the tax liability.
Important: The credit may not be claimed against local option
gross receipts tax imposed by any county or municipality, or the
governmental gross receipts tax.
Any balance of the affordable housing tax credit may be carried
forward for up to 5 years from the calendar year during which the
original investment voucher used to claim the affordable housing
tax credit was issued.
Websites:
New Mexico Mortgage Finance Authority
www.housingnm.org
New Mexico Taxation & Revenue Department
www.tax.newmexico.gov

RPD-41301
Rev. 07/01/2021

New Mexico Taxation and Revenue Department

AFFORDABLE HOUSING TAX CREDIT CLAIM FORM
INSTRUCTIONS

Page 1 Instructions
Enter in Name of Holder, SSN or FEIN, Mailing Address, Name of
Contact, Phone Number, and E-Mail address. Please provide all
requested information, this infomation is needed to process your
claim form.
Line 1. Begining and Ending Date
Enter in both the beginning and ending date of the tax year or
filing period for which this credit is to be applied.
Line 2. Tax Due
Enter the New Mexico tax due for this report period. If applying
against an income tax return, enter the Net New Mexico income
tax calculated before applying any credit.
Line 3. Credit Claimed on the Tax Return
Enter the portion of total credit available (from Schedule A) you
are claiming on the attached PIT-1, S-Corp, CIT-1, FID-1, TRS,
E911, TRD-41409, or TRD-41414 return. Do not enter more than
the amount of Net New Mexico tax due on the return. When claiming this credit against corporate or personal income tax, also attach the Schedule CR, for the applicable tax program. See page 3
of this instructions for more information.
Schedule A Instructions
For each affordable housing tax credit approved by the New Mexico
Mortgage Finance Authority (MFA) complete a row in Schedule A.
Do not include credits approved in a tax year that is more than six
years prior to the tax year for which this claim is filed. Unused affordable housing tax credits may not be carried forward for more
than five consecutive tax years following the tax year for which
the credit was approved. Do not include credits which have been
claimed in full in prior tax years..
Column Instructions
Column A. Investment Voucher Number
Enter the investment voucher number (credit number) assigned
by MFA on the investment voucher. If the credit was transferred to
you, enter the new voucher number assigned by MFA. The person
to whom an investment voucher is issued, the holder, may claim an
affordable housing tax credit against certain taxes and surcharges
imposed on the holder for the value (approved tax credit amount)
of the investment voucher that has been issued to them. The holder
may not claim a credit for any unused balance after five years from
the end of the calendar year in which the investment voucher for
the affordable housing project was originally issued, or the original
voucher date. (See more about Transfers on page 3.)
Enter the credit number assigned by MFA on the investment
voucher. If the voucher was transferred to you, enter the new
voucher number assigned by MFA.
Column B. Issue Date
For each investment voucher reported, enter the original issue
date of the investment voucher. The original issue date is the date
the original investment voucher was issued for an affordable housing project approved and certified by the New Mexico Mortgage
Finance Authority. If the investment voucher is transferred and a
subsequent voucher number is issued, the original voucher date is
the date that the first investment voucher is issued for that afford-

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able housing project.
Column C. Amount Of Credit Approved
For each investment voucher, enter the value of the investment
voucher or the transfer value if an investment voucher has been
transferred to you.
Column D. Total Credit Claimed In Previous Tax Years
For each credit amount listed in Column C, enter the total amount
of credit claimed in all tax years prior to the current tax year.
Column E. Unused Credit
For each credit, subtract the amount in Column D from the amount
in Column C.
Column 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 the affordable housing tax credit
in the order that they were approved. If you have both a
carry-forward credit and new credit derived from an approved affordable housing investment voucher during the
current tax year, apply the oldest credit against the liability
first. List each investment voucher separately.
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 tax due on the New Mexico tax return.