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RPD-41333 State of New Mexico - Taxation and Revenue Department
Rev. 12/21/2015
ADVANCED ENERGY TAX CREDIT
INSTRUCTIONS
Page 2 of 3
CRS-1 return, you must file the full-page version of the New required by January 1, 2017, or 18 months after the com-
Mexico CRS-1 Form. Complete the CRS-1 Long Form and mercial operation date of the qualified generating facility, the
supplemental forms, if any, according to the instructions. taxpayer’s certification as a qualified generating facility shall
Do not reduce the tax liability on the CRS-1 Long Form to be revoked by NMED and the taxpayer shall refund to the
reflect the advanced energy tax credit claimed. Instead, un- state tax credits granted. If the taxpayer demonstrates to the
derpay the tax liability shown on the return by the amount NMED that the taxpayer made every effort to sequester or
of tax credit claimed and attach a completed Form RPD- control carbon dioxide emissions to the extent feasible and
41334, Advanced Energy Tax Credit Claim Form. Do not
the facility’s inability to meet the sequestration requirements
enter a negative number or claim more credit than the tax
of a qualified generating facility was beyond the facility’s
due shown on the CRS-1 Long Form for the current report
control, NMED shall determine, after a public hearing, the
period. When computing the amount of advanced energy
amount of the tax credit that should be refunded. NMED, in
combined reporting tax credit that may be claimed against
its determination, shall consider the environmental perfor-
the gross receipts reported on a return, compute the credit
mance of the facility and the extent to which the inability to
at 3.9% of the gross receipts if the taxpayer’s business is
meet the sequestration requirements of a qualified generat-
located in a municipality, and 5.125% of the gross receipts if
ing facility was in the control of the taxpayer. The refund as
the taxpayer’s business location is anywhere else within or
determined by NMED shall be paid within 180 days following
outside New Mexico.
a final order by NMED.
To claim approved advanced energy tax credit against Form
PIT-1, attach a completed Form RPD-41334, Advanced En- IMPORTANT DEFINITIONS:
ergy Tax Credit Claim Form, to Form PIT-1, New Mexico “Eligible generation plant costs” means expenditures for
Personal Income Tax Return, or to Form FID-1, New Mexi- the development and construction of a qualified generating
co Fiduciary Income Tax Return. Enter the amount of credit facility, including permitting; site characterization and assess-
claimed against the current return on Schedule PIT-CR or ment; engineering; design; carbon dioxide capture, treatment,
FID-CR. Do not claim more credit than the tax due shown compression, transportation and sequestration; site and
on Form PIT-1 or FID-1. Married individuals who file sepa- equipment acquisition; and fuel supply development used
rate returns for a tax year in which they could have filed a directly and exclusively in a qualified generating facility;
joint return may each claim only one-half of the advanced
energy income tax credit that would have been allowed on Value of “eligible generation plant costs”. The value of
a joint return. eligible generation plant costs is the adjusted basis estab-
lished for the qualified generating facility under the applicable
To claim approved advanced energy tax credit against provisions of the Internal Revenue Code of 1986.
Forms CIT-1 or S-Corp, attach a completed Form RPD-
41334, Advanced Energy Tax Credit Claim Form, to Form
Eligible generation plant cost must be “subject to depre-
CIT-1, New Mexico Corporate Income and Franchise Tax
Return, or to Form S-Corp, New Mexico Subchapter S Cor- ciation”. For purposes of the advanced energy tax credit,
porate Income and Franchise Tax Return. Enter the amount eligible generation plant costs must be subject to deprecia-
of credit claimed against the current return on Schedule tion. “Subject to depreciation” means the taxpayer’s federal
CIT-CR or S-Corp-CR. Do not claim more credit than the income tax return must include a depreciation expense with
corporate income tax due shown on Form CIT-1, or more respect to the eligible generation plant costs for which an
than the corporate income tax due and withholding tax advanced energy tax credit is sought or claimed. Equipment
due shown on Form S-Corp. The credit cannot be applied depreciated under the accelerated cost recovery system,
against any franchise tax due. Internal Revenue Code Section 168, and property for which
the taxpayer makes an election under Internal Revenue Code
Mail the return and the claim form, RPD-41334, to the ad- Section 179 is “subject to depreciation”.
dress on the Form CRS-1, CIT-1, S-Corp or FID-1 to which
you wish to apply the credit. For assistance call (505) 476- “Qualified generating facility” is a facility that begins con-
3683. struction no later than December 31, 2015, and is:
1. a solar thermal electric generating facility that begins
RECAPTURE: construction on or after July 1, 2007, and that may include
If the New Mexico Environment Department (NMED) issues an associated renewable energy storage facility;
a certificate of eligibility to a taxpayer stating that the facility 2. a solar photovoltaic electric generating facility that be-
is a qualified generating facility and the taxpayer does not gins construction on or after July 1, 2009, and that may
sequester or control carbon dioxide emissions to the extent include an associated renewable energy storage facility;
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