New Mexico Blended Biodiesel Fuel Tax Credit Claim Form

Blended Biodiesel Fuel Tax Credit Claim Form
Form RPD-41340
RPD-41340
Rev. 07/06/2015

State of New Mexico - Taxation and Revenue Department

BLENDED BIODIESEL FUEL TAX CREDIT CLAIM FORM
WHO MAY USE THIS FORM. A rack operator or supplier who is approved to claim the blended biodiesel fuel tax credit against

personal or corporate income tax due, must submit Form RPD-41340, Blended Biodiesel Fuel Tax Credit Claim Form, along with
the personal or corporate income tax return, to claim the credit. Unused blended biodiesel fuel tax credit may be carried forward
for five years from the date of the certificate of eligibility. Beginning on or after January 1, 2013, the blended biodiesel tax credit is
not available, however, a taxpayer may claim a carryforward of the credit.
For assistance with completing this form, obtaining Taxation and Revenue Department (TRD) approval or claiming the credit, please
call (505) 827-0792.
Name of business

CRS identification number

Enter the report period as shown on the attached personal income tax return

Name and phone number of contact person

Terminal code

through
MM/DD/CCYY

MM/DD/CCYY

Instructions for worksheet to compute the total unused credit available
(a)	Credit number. For each blended biodiesel fuel tax credit approved by TRD, enter the credit number from the approval
letter. If additional space is needed, attach a schedule on a separate page in the same format as the worksheet below. Do
not enter a credit approved for a tax year that is more than five years from the tax year of this claim or if the credit was not
approved by TRD. Unused credit may only be carried forward for five years following the tax year for which the credit was
approved.
(b)	Amount of credit approved. For each credit number listed in column (a), enter the amount of credit approved.
(c)	Credit applied to prior year returns. For each credit amount listed in column (b), enter the total amount of credit applied
to prior year personal or corporate income tax due.
(d)	Unused credit available for carryforward. Subtract column (c) from column (b).
Line 1. 	 Total credit available. Enter the sum of unused credit available for carryforward, the sum of all amounts in column (d)
on line 1.
Line 2. 	 Unused credit applied. Enter the amount of total credit available from line 1, to be applied to the attached New Mexico
corporate or personal income tax return. Do not enter more than the amount of income tax due on the return.
A taxpayer who has both a carryforward credit amount and a new credit amount derived from a credit approved for the current tax
year, shall apply the unused credit available from the oldest approved credit first.

Worksheet to compute the total unused credit available
(a) Credit number

(b) Amount of credit
approved

(d) Unused credit available for
carryforward [(b) - (c)]

(c) Credit applied to prior
year returns

Line 1. TOTAL credit available. Enter the sum of column (d). If supplemental pages are attached, enter the sum of column (d) from all pages.

1.

Line 2. Unused credit applied. Enter the amount of total credit
available to be applied to the attached New Mexico corporate or personal
income tax return. Do not enter more than the amount of income tax due on
the return.

2.

RPD-41340
Rev. 07/06/2015

State of New Mexico - Taxation and Revenue Department

BLENDED BIODIESEL FUEL TAX CREDIT CLAIM FORM
INSTRUCTIONS

ABOUT THIS CREDIT: Beginning January 1, 2007, but not after December 31, 2012, a taxpayer who is required to pay the special
fuel excise tax and who files a New Mexico personal or corporate income tax return may claim a credit against the income tax due
on the return for each gallon of blended biodiesel fuel on which that person paid the special fuel excise tax in the taxable year, or
would have paid the special fuel excise tax in the tax year but for certain deductions allowed for special fuel sold (see below) or the
treaty exemption for North Atlantic Treaty Organization use. Beginning on or after January 1, 2013, the blended biodiesel tax credit
is not available. However, a taxpayer may claim a carryforward of the credit. Once approved, use Form RPD-41340 to claim the
credit against personal or corporate income tax liabilities. Attach the claim form to your income tax return.
Certain deductions allowed from special fuels excise tax include special fuel:
•	 Sold to the United States or any agency or instrumentality thereof for its exclusive use;
•	 Sold to the state of New Mexico or any political subdivision, agency, or instrumentality thereof for its exclusive use;
•	 Sold to an Indian nation, tribe, or pueblo or any agency or instrumentality thereof for its exclusive use;
•	 Dyed in accordance with federal regulations; and
•	 Sold for the generation of power to propel a school bus.
The income tax credit amount is as follows:
If the special fuel excise tax is paid or
would have been paid during the period:

The credit is the following rate per gallon:

from January 1, 2007 until December 31, 2010

$0.03

from January 1, 2011 until December 31, 2011

$0.02

from January 1, 2012 until December 31, 2012

$0.01

The blended biodiesel tax credit may not be claimed for blended biodiesel fuel on which a credit or refund has been claimed because the fuel was destroyed by fire, accident or acts of God before retail sale. The credit may not be claimed with respect to the
same blended biodiesel fuel for which a credit has been claimed pursuant to the Income Tax Act or the Corporate Income and
Franchise Tax Act.
A taxpayer who otherwise qualified for and claims a credit for blended biodiesel fuel on which special fuel excise tax has been
paid by a partnership or other business association of which the taxpayer is a member may claim a credit only in proportion to the
taxpayer’s interest in the partnership or business association. The total credit claimed in the aggregate by all members of the partnership or business association shall not exceed the amount of credit allowed. When the credit is split between married individuals,
partners or other business associates, each claimant must submit the claimant’s income tax return with Form RPD-41340, Blended
Biodiesel Fuel Tax Credit Claim Form, for the portion of the credit claimed.
Married individuals who file separate returns for a taxable year in which they could have filed a joint return may each claim only
one-half of the credit that would have been allowed on a joint return.
IMPORTANT DEFINITIONS
“Biodiesel” means renewable, biodegradable, monoalkyl ester combustible liquid fuel that is derived from agricultural plant oils or
animal fats and that meets American Society for Testing and Materials D 6751 standard specification for biodiesel B100 and B99
blend stock for distillate fuels.
“Blended biodiesel fuel” means a diesel fuel that contains at least 2% biodiesel.
“Diesel fuel” means any diesel-engine fuel used for the generation of power to propel a motor vehicle.
HOW TO APPLY FOR THIS CREDIT
Form RPD-41322, Blended Biodiesel Fuel Tax Credit Application, was used to establish eligibility for the credit by reporting qualifying biodiesel fuel receipts. Beginning on or after January 1, 2013, the blended biodiesel tax credit is no longer available. An
approved taxpayer, however, may claim a carryforward of the credit.