New Mexico Geothermal Ground-Coupled Heat Pump Tax Credit

Geothermal Ground-Coupled Heat Pump Tax Credit
Form RPD-41346 (Obsolete)
RPD-41346
Rev. 07/14/2015

State of New Mexico - Taxation and Revenue Department

GEOTHERMAL GROUND-COUPLED HEAT PUMP TAX CREDIT CLAIM FORM

Purpose of Form. Form RPD-41346, Geothermal Ground-Coupled Heat Pump Tax Credit Claim Form, is used by a taxpayer who has been certified for a geothermal ground-coupled heat pump income tax credit by the Energy, Minerals and
Natural Resources Department (EMNRD) and wishes to claim the credit against personal, corporate or fiduciary income tax
liability. The geothermal ground-coupled heat pump income tax credit may be claimed by a taxpayer who files a New Mexico
personal, corporate or fiduciary income tax return for a tax year beginning on or after January 1, 2010, and has purchased
and installed a geothermal ground-coupled heat pump after January 1, 2010, but before December 31, 2020, in a residence,
business or agricultural enterprise in New Mexico owned by that taxpayer or owned by a partnership or other business association of which the taxpayer is a member. To claim the credit, the taxpayer must attach to the personal, corporate or fiduciary
income tax return a completed RPD-41346 and a copy of a letter from EMNRD certifying the geothermal ground-coupled
heat pump and approving the taxpayer for the credit. The credit, which may not exceed $9,000, is available for up to 30% of
the purchase and installation costs. Unused geothermal ground-coupled heat pump tax credits may be carried forward for
a maximum of 10 consecutive years following the tax year for which the credit was approved.
NOTE: The Department may allow a maximum annual aggregate of $2,000,000 in geothermal ground-coupled heat pump
tax credits. Applications for the credit shall be considered in the order received by the Department.
To apply for the credit, contact the Energy Conservation and Management Division of EMNRD at (505) 476-3372, or visit
their web site www.emnrd.state.nm.us/ecmd. For assistance completing this form or claiming the credit, call (505) 827-0792.
Social security number (SSN)

Name of taxpayer

Mailing address

Name of contact

City, state and ZIP code

E-mail address

Phone number

1.	 Enter the beginning and ending date of the tax year of this claim.
	
Tax years beginning prior to January 1, 2010 are NOT eligible.

From

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 New Mexico
personal, corporate or fiduciary income tax return. Do not enter more than the amount
of Net New Mexico personal, corporate or fiduciary income tax due. In a tax year the
credit used may not exceed the amount of personal, corporate or fiduciary income tax
otherwise due. Also attach a completed Schedule CR for the applicable tax return.

to

2.

3.

Apply unused credit from carry-forwards before applying new credit to the tax liability. Credit unused in a tax year may be
carried forward for a maximum of 10 consecutive tax years following the tax year for which the geothermal ground-coupled
heat pump was certified and the credit was approved.
NOTE: Failure to submit this form and other required attachments to your New Mexico personal, corporate or fiduciary income
tax 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 taxpayer

Date

RPD-41346
Rev. 07/14/2015

State of New Mexico - Taxation & Revenue Department

GEOTHERMAL GROUND-COUPLED HEAT PUMP TAX CREDIT CLAIM FORM
Schedule A

Once a credit application is approved by EMNRD, complete and attach Form RPD-41346, Geothermal Ground-Coupled
Heat Pump Tax Credit Claim Form, including Schedule A, to your New Mexico income tax return along with the applicable
tax credit Schedule PIT-CR or FID-CR. A copy of the letter from EMNRD certifying the project must also be attached.
(a)
Project number

(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-41346, page 1.

(f)
Applied to the attached
return

RPD-41346
Rev. 07/14/2015

State of New Mexico - Taxation and Revenue Department

GEOTHERMAL GROUND-COUPLED HEAT PUMP TAX CREDIT CLAIM FORM
Schedule A
Schedule A Instructions

For each geothermal ground-coupled heat pump tax credit approved by the New Mexico Energy, Minerals and Natural
Resources Department (EMNRD) complete a row in Schedule A. Do not include credits approved in a tax year that is more
than eleven years prior to the tax year for which this claim is filed. Unused geothermal ground-coupled heat pump tax
credits may not be carried forward for more than ten 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..
Only the person to whom the certificate of eligibility is issued may claim the credit.
COLUMN INSTRUCTIONS
(a) Project number. Enter the project number shown on the credit approval document for the geothermal ground-coupled
heat pump tax credit issued to you by EMNRD.
(b) Year of approval. Enter the tax year for which the geothermal ground-coupled heat pump tax credit has been approved
as indicated on the certificate of eligibility.
(c) Amount of credit approved. For each project listed, enter the amount of credit approved as indicated on the certificate
of eligibility.
(d) Total credit claimed in previous tax years. For each credit amount listed, enter the total amount of credit claimed in
all tax years prior to the current tax year.
(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 income tax return.
When calculating the amount in column (f), apply the following rules:
•	

Applying credits: Apply the geothermal ground-coupled heat pump tax credit in the order that the credit is approved.
If you have both a carry-forward credit and new credit derived from a certified geothermal ground-coupled heat pump
during the current tax year, apply the carry-forward 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.