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RPD-41167 New Mexico Taxation and Revenue Department
Rev. 07/01/2023
Application for Investment Credit
A taxpayer who qualifies for an Investment Tax Credit completes and submits this application within one year following the
end of the calendar year in which the qualified equipment for the manufacturing operation is purchased or introduced into New
Mexico. See instructions for more detail.
Section 1: Identifying Information
1. Name of Taxpayer

2. FEIN, SSN or ITIN 3. NMBTIN

4. Mailing Address - City, State, Zip Code

5. Physical Address - City, State, Zip Code

6. Name of Contact Person 7. Telephone Number 8. Email Address

Section 2: Qualifying Information
9. Description of your manufacturing operation: _____________________________________________
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
10. Qualified Equipment (Section 7-9A-6 NMSA 1978) Yes No

10a. Was the qualified equipment previously used in New Mexico?

10b. Was the qualified equipment previously approved for a credit under the Investment Credit Act?

10c. Was the qualified equipment owned by the taxpayer (listed above)?

10d. Was the qualified equipment owned by the United States, the State of New Mexico or a political subdivision
thereof and leased or subleased to the taxpayer?
10e. Was the qualified equipment incorporated into the taxpayer's manufacturing operation within one year of being
introduced into New Mexico?

10f. Were the employment requirements met per Section 7-9A-7.1 NMSA 1978?

10g. Were the requirements met per Section 7-9A-3(C) NMSA 1978?

Section 3: Calculation of Credit Claimed

11. Total number of new full-time employees from Schedule A, cell H16

12. Total value of equipment claimed from Schedule B, cell D12

13. Total amount of credit claimed from Schedule B, cell F12

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RPD-41167 New Mexico Taxation and Revenue Department
Rev. 07/01/2023
Application for Investment Credit

Section 4: Required Attachments for a Completed Application
14. Please place a checkmark next to all required attachments that are being submitted.
q A completed RPD-41168, Application for Investment Credit Schedule A and B.
q Federal Form 4562, Depreciation and Amortization Schedule and a detailed depreciation worksheet that reconciles to the Federal
Form 4562
q Payroll register for all New Mexico employees listing hours worked for the pay period ending on the date the application was sub-
mitted or post marked.
q Payroll register for all New Mexico employees listing hours worked for the same pay period one year prior to the submission or post
marked date.
q ACD-31102, Tax Information Authorization Tax Disclosure, will need to be submitted if the contact person for this application is not
the taxpayer, a corporate officer, partner, or fiduciary who has been previously identified as such to the Department or an autho-
rized individual representative with the authority to perform all authorized acts that the taxpayer can perform.
Section 5: Signature
This application must be signed by the taxpayer, a corporate officer, partner, or fiduciary who has been previously identified
as such to the Department or an authorized individual representative with the authority to receive Federal and State confiden-
tial information on behalf of the taxpayer.
I declare that I have examined this claim, and to the best of my knowledge and belief it is true, correct, and complete.
15. Printed Name 16. Title

17. Signature 18. Date

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RPD-41167 New Mexico Taxation and Revenue Department
Rev. 07/01/2023
Application for Investment Credit
Instructions

About This Credit FORM INSTRUCTIONS
The purpose of the Investment Credit Act is to provide a Section 1
favorable tax climate for manufacturing businesses and to 1. Enter taxpayer's name. If taxpayer is an individual, en-
promote increased employment in New Mexico. ter first name, middle initial, and last name.
2. Enter taxpayer's Federal Employer Identification Num-
The Investment Credit Act, Sections 7-9A-1 to 7-9A-11 ber (FEIN), Social Security Number (SSN), or Individual
NMSA 1978 provides a credit for taxpayers for qualifying Taxpayer Identification Number (ITIN)
equipment purchased or brought into New Mexico in con- 3. Enter taxpayer's New Mexico Business Tax Identifica-
nection with a manufacturing operation. tion Number (NMBTIN).
4. Enter taxpayer's mailing address including city, state
The investment credit provided for in the Investment Credit and zip code.
Act may be claimed by a taxpayer carrying on a manufactur- 5. Enter taxpayer's physical address including city, state
ing operation in New Mexico in an amount equal to: and zip code.
1. The product of the sum of the compensating tax rate 6. Enter contact person's name.
and, beginning July 1, 2021, any municipal or county 7. Enter contact person's telephone number.
compensating tax rate multiplied by the value of the 8. Enter contact person's email address.
qualified equipment; or
2. If the sale is subject to the gross receipts tax, the prod- Section 2
uct of the sum of the gross receipts tax rate and, begin- 9. Briefly describe your manufacturing operation.
ning July 1, 2021, any municipal or county local option 10. Check either the yes or no column next to each ques-
gross receipts tax rates multiplied by the seller's gross tion about the qualified equipment.
receipts from the sale of the qualified equipment.
3. If the purchase or the introduction into New Mexico of Section 3
the qualified equipment is not subject to the gross re- 11. Enter the total number of full-time employees hired from
ceipts tax or compensating tax, the rate to determine RPD-41168, Schedule A tab, cell H16.
the amount of the credit shall be equal to a rate of five 12. Enter the total value of the equipment from RPD-41168,
and one-eighth percent. Schedule B tab, cell D12.
13. Enter the total amount of credit claimed from RPD-
Prior to July 1, 2030, to be eligible to claim a credit pursu- 41168, Schedule B tab, cell F12.
ant to the Investment Credit Act, the taxpayer shall employ
the equivalent of one full-time employee who has not been Section 4
counted to meet this employment requirement for any prior 14. Place a checkmark next to all required attachments that
claim in addition to the number of full-time employees em- are being submitted. See table below for more informa-
ployed on the day one year prior to the day on which the tion.
taxpayer applies for the credit for every: Required Documents
1. Seven hundred fifty thousand dollars ($750,000), or
portion of that amount, in value of qualified equipment RPD-41167 RPD-41167, Application for Investment
claimed by the taxpayer in a taxable year in the same Credit
claim, up to a value of thirty million dollars ($30,000,000); RPD-41168 RPD-41168, Application for Investment
and Credit Schedule A and Schedule B
2. One million dollars ($1,000,000), or portion of that Federal Form • Federal Form 4562, Depreciation
amount, in value of qualified equipment over thirty mil- 4562 and Amortization Schedule
lion dollars ($30,000,000) claimed by the taxpayer in a • A detailed depreciation worksheet
taxable year in the same claim. that reconciles to the Federal Form
4562.
Application
A taxpayer who qualifies for the Investment Tax Credit may
apply to the Taxation and Revenue Department (Depart-
ment) within one year following the end of the calendar year
in which the qualified equipment for the manufacturing op-
eration is purchased or introduced into New Mexico. Apply
to the Department by completing RPD-41167, Application
for Investment Credit.

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RPD-41167                        New Mexico Taxation and Revenue Department
Rev. 07/01/2023
                                 Application for Investment Credit 
                                                           Instructions

Payroll        •     Payroll registers for all New Mexico             Mail: Taxation and Revenue Department 
                     employees listing hours worked for                    Attn: ACD Business Credit
                     the  pay  period  ending  on  the  date               P.O. Box 8575
                     the  application  was  submitted  or                  Albuquerque, New Mexico 87198-8575
                     post  marked.  The  payroll  informa-
                     tion  should  reconcile  to  the  hours     Processing Time
                     claimed.                                    The Department will make a determination within 120 days  
               •     Payroll registers for all New Mexico        of the date on which the completed application is received. 
                     employees listing hours worked for          For status of the application please contact the Business 
                     the same pay period one year prior          Credit unit by email or by phone 505-795-1735. If approved, 
                     to  the  submission  or  post  marked       the  applicant  will  be  issued  a  document  granting  the  tax 
                     date. The payroll information should        credit.
                     reconcile to the hours claimed. 
                                                                 To Claim the Credit
ACD-31102      ACD-31102,        Tax  Information Authori-       The holder of the credit may claim all or a portion of the In-
               zation  Tax Disclosure,  will  need  to  be       vestment Credit to a maximum of 85% gross receipts, com-
               submitted if the contact person for this          pensating,  and  withholding  taxes  due,  less  any  local  op-
               application is not the taxpayer, a corpo-         tions tax. Local options tax is imposed by a municipality or 
               rate officer, partner, or fiduciary who has       county. Any amount of available credit not claimed against 
               been previously identified as such to the         the taxpayer's tax liabilities for a reporting period may be 
               Department or an authorized individual            claimed  in  subsequent  reporting  periods.  When  claiming 
               representative with the authority to per-         an investment credit RPD-41212,Investment Credit Claim 
               form all authorized acts that the taxpay-         Form  must  be  submitted  with  the  return.  Any  amount  of 
               er can perform.                                   available credit not claimed against the taxpayer's tax lia-
Additional documentation may be requested if needed.             bilities for a reporting period may be claimed in subsequent 
A site visit will be required.                                   reporting periods

Section 5                                                        A taxpayer may apply by September 30 of the current cal-
Before submission, this application must be signed by the        endar  year  for  a  refund  of  the  unclaimed  balance  of  the 
taxpayer, a corporate officer, partner, or fiduciary who has     available credit up to a maximum of two hundred fifty thou-
been  previously  identified  as  such  to  the  Department  or  sand dollars ($250,000) if on January 1 of the current cal-
an authorized individual representative with the authority       endar year:
to perform all authorized acts that the taxpayer can per-        (1) the taxpayer's available credit is less than five hundred 
form on behalf of the taxpayer. By signing this application      thousand dollars ($500,000); and
you are certifying that this application is true, correct, and   (2) the sum of the taxpayer's tax liabilities for the previous 
complete.                                                        calendar year was less than thirty-five percent of the tax-
                                                                 payer's available credit but more than ten thousand dollars 
15.  Enter the printed name of signer                            ($10,000).
16. Enter the title of signer
17.  Enter signature                                             If a taxpayer claims any amount of research and develop-
18. Enter the date application is signed. Use the date for-      ment small business tax credit with respect to a reporting 
mat mm/dd/ccyy                                                   period, the taxpayer may not claim any amount of approved 
                                                                 investment credit with respect to that same period. If for the 
Form Submission                                                  same  reporting  period  an  amount  of  investment  credit  is 
Submit the completed RPD-41167,  Application for Invest-         claimed in addition to any amount of research and develop-
ment Credit; RPD-41168 Application for Investment Credit         ment small business tax credit, the amount of investment 
Schedule A and Schedule B; and all required documents            credit will be disallowed by the department, which may re-
listed  in  the  table  above  using  Taxpayer  Access  Point    sult in an underpayment of tax. The taxpayer is not barred 
(TAP),    https://tap.state.nm.us,  via  email,  or  mail. NOTE: from applying for approval of new or additional investment 
You must have an account to apply for the credit using TAP.      credit with respect to qualified equipment purchased or in-
                                                                 troduced into New Mexico during that reporting period.
Forms  and  Publications  can  be  located  on  our  website: 
https://www.tax.newmexico.gov/forms-publications/.               Transfer Of Credit
                                                                 Any amount of investment credit claimed and approved may 
Email: TRD-BusinessCredit@state.nm.us                            be applied by the claimant only against the gross receipts, 
                                                                 compensating and withholding taxes owed by the claimant. 

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RPD-41167                                                               New Mexico Taxation and Revenue Department
Rev. 07/01/2023
                                                                      Application for Investment Credit 
                                                                                                Instructions

     The credit amount may not be transferred to any other per-
     son, including an affiliate.

     Definitions

     Equipment -              means an essential machine, mechanism or 
     tool, or a component or fitting thereof, used directly and ex-
     clusively in a manufacturing operation and subject to depre-
     ciation for purposes of the Internal Revenue Code by the 
     taxpayer carrying on the manufacturing operation. Equip-
     ment does not include any vehicle that leaves the site of 
     the  manufacturing  operation  for  purposes  of  transporting 
     persons or property or any property for which the taxpayer 
     claims the credit pursuant to Section 7-9-79 NMSA 1978.

     Manufacturing  -          means  combining  or  processing  com-
     ponents or materials, including recyclable materials, to in-
     crease their value for sale in the ordinary course of busi-
     ness,  including  genetic  testing  and  production,  but  not 
     including:
     •   construction;
     •   farming;
     •   power generation, except for electricity generation at a 
         facility other than one for which both location approval 
         and a certificate of convenience and necessity are re-
         quired  prior  to  commencing  construction  or  operation 
         of the facility, pursuant to the Public Utility Act and the 
         Electric Utility Industry Restructuring Act of 1999; or
     •   processing natural resources, including hydrocarbons.

     Manufacturing Operation -  means a plant, including a ge-
     netic testing and production facility, employing personnel to 
     perform production tasks, in conjunction with equipment not 
BeginningpreviouslyJuly 1, 2023existingtheatDepartmentthe site, towillproducemakegood.a determi-
nation within 120 days  of the date on which the completed 
application QUALIFIEDand  all EQUIPMENTrequired  attachments  are  received.  If 
the department requests additional relevant documentation For purposes of Section 7-9A-6, "Qualified Equipment" is 
from a taxpayer who has submitted an incomplete appli-equipment not previously used in New Mexico and not pre-
cation for a tax credit, the application shall be considered viously approved for a credit under the Investment Credit 
complete  on  the  date  that  the  taxpayer  mails  or  delivers Act that is owned by the taxpayer or owned by the United 
sufficient information for the department to consider the ap-States or an agency or instrumentality thereof or the state 
     or a political subdivision thereof and leasedplication.or subleased 
     to the taxpayer is qualified equipment if it is in New Mexico 
The secretary or the secretary's delegate may approve or and is incorporated or to be incorporated within one year 
deny anintoapplicationa manufacturingfor a taxoperation.credit in whole or in part. An 
approval or denial will be sent in writing. Per Section 7-1-
29.2(E)SubjectNMSA 1978to Depreciationif the application is denied in whole or 
in part, the taxpayer shall not refile the denied application, For purposes of Section 7-9A-3, “subject to depreciation” 
but the taxpayer, within 120 days after the mailing or deliv-means  the  taxpayer’s  federal  income  tax  return  must  in-
ery of the denial of all or any part of the application submit clude a depreciation expense with respect to equipment for 
a written protest or commence a civil action in the district which an investment credit is sought or claimed. Equipment 
     depreciated  under  the  accelerated court for Santacost Ferecovery county.                system, 
     I.R.C.  Section  168,  and  property  for  which  the  taxpayer 
For status of the application please contact the Business makes an election under Internal Revenue Code Section 
     179 are “subject to depreciation”.Credit unit by email or by phone 505-795-1735.

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RPD-41167 New Mexico Taxation and Revenue Department
Rev. 07/01/2023
RPD-41168, Application for Investment Credit Schedule A
Instructions

RPD-41168, Application for Investment Credit, Schedule Columns A through F
A, must accompany the RPD-41167, Application for Invest- Columns A through H rows 17 and below are completed for
ment Credit, to the Department. Complete all information each full-time employee who has not been counted to meet
requested on the spreadsheet and attach the spreadsheet this employment requirement for any prior claim in addition
to the application along with the other required documents. to the number of full-time employees employed on the day
one year prior to the day on which the taxpayer applies for
For the Department to verify that employment requirements the credit.
for claiming the investment credit are met, please provide DO NOT ENTER DATA IN ROWS 14 - 16. Cells H14, H15,
the requested information for each new employee. and H16 are formulated cells that total the numbers for
their respective columns. The formula goes to line 200, if
The employees used to meet the employment requirement additional lines are used, the formula should be extended.
for this claim cannot have been counted toward the em- These totals will be used to complete the RPD-41167.
ployment requirement for any prior claim and must be in
addition to the number of full-time employees employed on ROW 15, COLUMN H FORMULA: The formula is set up to
the day one year prior to the day on which the taxpayer ap- calculate the number of full time employees for a bi-weekly
plied for the credit. pay period (80 hours). If employees are paid weekly, for-
mula in cell H15 needs to be changed to be divided by 40
Section 7-9A-7.1(B) NMSA 1978 states, "The department hours instead of 80 hours.
may require evidence showing compliance with this sec-
tion. The department may find that an additional employee Column A. Enter employee's last name.
meets the requirements of this section, although employed Column B. Enter employee's first name.
earlier than one year prior to the day on which the tax- Column C. Enter employee's middle initial.
payer applies for the credit, if the employee was only being Column D. Enter employee's Social Security Number or
trained prior to that date or the employee's employment Individual Taxpayer Identification Number. If
was necessitated by the use of the qualified equipment." providing only the last 4 digits, prefill the num-
ber with asterisks.
The investment credit is available only to manufacturers Column E. Enter the date that the employee was hired.
who increase employment in the relevant periods. Manu- Use the date format mm/dd/ccyy.
facturers who do not meet the employment requirement Column F. Enter an "X" in this column if the employee is
do not qualify for the investment credit, regardless of the currently still employed with you at the time of
amount of equipment acquired. this application.
Column G. Enter an "X" in this column if the employee is
SPREADSHEET INSTRUCTIONS not currently employed with you at the time of
Rows 5 through 8 this application.
Make sure the information in these rows matches the infor- Column H. Enter the average hours worked per week or
mation for the taxpayer on RPD-41167. expected to be worked by employee in a pay
period.
Row 5. Enter taxpayer's name. If taxpayer is an individu-
al, enter first name, middle initial, and last name.
Row 6. Enter taxpayer's Federal Employer Identification
Number (FEIN), Social Security Number (SSN),
or Individual Taxpayer Identification Number
(ITIN).
Row 7. Enter taxpayer's New Mexico Business Tax Iden-
tification Number (NMBTIN).
Row 8. Enter the date from the signature section of the
RPD-41167. Use the date format mm/dd/ccyy.

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RPD-41167 New Mexico Taxation and Revenue Department
Rev. 07/01/2023
RPD-41168, Application for Investment Credit Schedule B
Instructions

RPD-41168, Application for Investment Credit, Schedule Column D. Enter the value of the equipment. Use the
B, must accompany the RPD-41167, Application for Invest- equipment's adjusted basis for federal income
ment Credit, to the Department. Complete all information tax purposes as reflected in the depreciation
requested on the spreadsheet and attach the spreadsheet schedule filed with your federal income tax
to the application along with the other required documents. return. The value of qualified equipment shall
be adjusted basis established under the appli-
For the Department to verify that the qualified equipment cable provisions of the Internal Revenue Code
requirements for claiming the investment credit are met, of 1986 (Section 7-9A-7 NMSA 1978).
please provide the requested information for each piece of Column E. If the sale was subject to gross receipt tax
qualified equipment. rate, enter the gross receipt tax rate. If the sale
was not subject to gross receipt tax enter the
To qualify for the credit, equipment must be subject to de- compensating tax rate. If the purchase or the
preciation for purposes of the Internal Revenue Code. introduction into New Mexico of the qualified
equipment is not subject to the gross receipts
Prior to July 1, 2030, the value of qualified equipment shall tax or compensating tax, enter five and one-
be the adjusted basis established for the equipment under eighth percent.
the applicable provisions of the Internal Revenue Code of Column F. Enter the amount of credit claimed. Multiply
1986. amount in column D by the tax rate in column
E to determine credit amount.
SPREADSHEET INSTRUCTIONS
Rows 5 through 8
Make sure the information in these rows matches the infor-
mation for the taxpayer on RPD-41167.

Row 5. Enter legal name of taxpayer. If taxpayer is an
individual, enter first name, middle initial, and last
name.
Row 6. Enter taxpayer's Federal Employer Identification
Number (FEIN), Social Security Number (SSN),
or Individual Taxpayer Identification Number
(ITIN).
Row 7. Enter taxpayer's New Mexico Business Tax Iden-
tification Number (NMBTIN).
Row 8. Enter the date from the signature section of the
RPD-41167. Use the date format mm/dd/ccyy.

Columns A through F
Columns A through F row 13 and below are completed for
each piece of qualified equipment.

DO NOT ENTER DATA IN ROW 12. Cells D12 and F12 are
formulated cells that total the numbers for their respective
columns. The formula goes to line 200, if additional lines
are used, formula should be extended. These totals will be
used to complete the RPD-41167.

Column A. Enter a brief description of the qualified equip-
ment.
Column B. Enter the asset number for the qualified equip-
ment. The asset number listed should corre-
spond to the asset number listed on the de-
tailed depreciation worksheet that reconciles
to the Federal Form 4562.
Column C. Enter the date the qualified equipment was
purchased or introduced into New Mexico. Use
the date format mm/dd/ccyy.

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