Enlarge image | RPD-41372 State of New Mexico - Taxation and Revenue Department Rev. 07/06/2015 VETERAN EMPLOYMENT TAX CREDIT CLAIM FORM HOW TO USE THIS FORM. When claiming a veteran employment tax credit, this form must accompany the tax return to which the taxpayer wishes to apply the credit. All claimants must complete Part I to compute the amount of credit available and to report the amount of credit claimed. Complete Part II, if you have been approved for a veteran employment tax credit in a prior year and you have excess credit available to carry forward to the current tax year. Leave Part II blank if you do not have any carryforward available. NOTE: Excess credit may not be refunded to the taxpayer, but may be carried forward for up to three years. Please see the instructions to determine the correct amount that can be applied to any return. Attach this form to the tax return to which you wish to apply the credit and mail to the address on the tax return. For assis- tance claiming this credit call (505) 827-0792. Name of claimant Enter the FEIN or the SSN of the claimant Check one: FEIN SSN Part I - Computation of the Amount of Tax Credit Claimed 1. Enter the total veteran employment tax credit approved for wages paid to the veteran in the year to which the credit is to be applied. 1a. Credit claim number of the current year application. ______________________________ If more than one credit claim number, attach a completed Schedule A. 1. 2. Enter total credit available for carry forward, if any, from applications for the credit that is approved for wages paid in a prior year (from Part II). 2. 3. Enter the sum of lines 1 and 2. This is the available veteran employment tax credit that 3. may be claimed against the attached New Mexico income tax return. 4. Enter the portion of available credit you wish to apply to the current NM personal or corporate income tax liability. This amount may not exceed the tax due on the return. 4. Enter the credit claimed on the applicable line of the New Mexico income tax Schedule PIT-CR, CIT-CR, S-Corp-CR, or FID-CR, and attach it to the New Mexico income tax return to which the credit is to be applied. The veteran employment tax credit may be deducted only from the claimant’s New Mexico personal or corporate income tax liability. NOTE: Failure to attach this form to your New Mexico personal or corporate income tax return will result in denial of the credit. Part II - Compute the credit available for carryforward from prior years (a) Prior year (b) Amount of credit (c) Credit claimed against (d) Excess credit available credit claim number approved prior year tax liabilities for carryforward [(b) - (c)] (A) TOTAL credit available from applications approved for prior years. Enter the sum of column (d). I certify that I have examined this return including accompanying returns and statements, and to the best of my knowledge and belief, they are true, correct and complete. Signature of Taxpayer or Agent Title Date |
Enlarge image | RPD-41372 State of New Mexico - Taxation and Revenue Department Rev. 07/06/2015 VETERAN EMPLOYMENT TAX CREDIT CLAIM FORM Schedule A Complete and attach Schedule A with Form RPD-41372, Veteran Employment Tax Credit Claim Form, if you have more than one application approved during the tax year of this claim. For each approved veteran employment tax credit, enter the approval number and the amount of veteran employment tax credit allowed, as certified by TRD during the tax year of this claim. Enter the sum of all amounts in the TOTAL box below and on Form RPD-41372, line 1. For each veteran employment tax credit allowed, attach the TRD certificate of eligibility and the amount of credit allowed. Amount of veteran employment Approval number tax credit allowed TOTAL credits allowed Enter the sum on line 1 on the first page of this form. |
Enlarge image | RPD-41372 State of New Mexico - Taxation and Revenue Department Rev. 07/06/2015 VETERAN EMPLOYMENT TAX CREDIT CLAIM FORM INSTRUCTIONS ABOUT THIS TAX CREDIT have excess credit available to carry forward to the current For tax years beginning on or after January 1, 2012 but not tax year. NOTE: Excess credit may not be refunded to the after December 31, 2016, a taxpayer who employs a qualified taxpayer, but may be carried forward for up to three years. military veteran in New Mexico is eligible for a credit against the taxpayer’s personal or corporate income tax liability for Attach this claim form (RPD-41372) to the tax return to which up to $1,000 for wages paid to each qualified military veteran you wish to apply the veteran employment tax credit. who is employed full time in New Mexico. If the veteran is employed for less than a full year, the credit for that year is reduced based on the fraction of the year the veteran was Approved credit should first be applied to the tax due for actually employed. The credits allowed per veteran are limited the year in which the wages were paid. Then apply the car- to a maximum of one year’s employment. See the instructions ryforward of approved credits for wages paid in a prior year. for Form RPD-41371, Application for Veteran Employment Excess credit may not be refunded to the taxpayer, but may Tax Credit, for additional requirements. be carried forward for up to three years. To apply for the credit, submit a completed Form RPD- Part I - Computation of the Amount of Tax Credit Claimed 41371, Application for Veteran Employment Tax Credit, to Line 1. Enter the veteran employment tax credit that was the Taxation and Revenue Department (TRD). See Form approved for wages paid in the tax year of the return RPD-41371 for details on obtaining approval. Once you have to which the tax liability is due. From the approved been approved for the credit by TRD you may use this Form Form RPD-41371, Application for Veteran Employ- RPD-41372, Veteran Employment Tax Credit Claim Form, to ment Tax Credit, also enter the credit claim number claim the credit against your personal or corporate income issued by TRD. NOTE: If you have more than one tax liability due. When claiming approved veteran employ- credit claim number, attach a completed Schedule A. ment tax credit(s), this form must accompany the tax return to which the taxpayer wishes to apply the credit. Line 2. Enter the total credit available for carryforward, if any, from applications approved for wages paid in That portion of a veteran employment tax credit approved by a prior year (from Part II). TRD that exceeds a taxpayer’s income tax liability in the tax Line 3. Enter the sum of lines 1 and 2. This is the available year in which the veteran employment tax credit is claimed veteran employment tax credit that you may claim may not be refunded to the taxpayer, but may be carried against your current year tax liability. forward for up to three years. The veteran employment tax credit may not be transferred to another taxpayer, but the Line 4. Enter the portion of available credit (from line 3) right to claim the credit may be allocated to the owners of a that you wish to apply to the current New Mexico business entity that is taxed federally as a partnership. The personal or corporate income tax liability due. This credit may be allocated to owners in proportion to the owner’s amount may not exceed the tax due on the return. interest in the business. See Form RPD-41371, Application for Veteran Employment Tax Credit, for allocating the credit. Part II - Compute the credit available for carryforward from prior years (If applicable) Married individuals filing separate returns for a tax year for Column (a). Enter the credit claim number from the applica- which they could have filed a joint return, each may claim tion approved in a prior year. only one-half of the veteran employment tax credit that would Column (b). Enter amount of credit approved for the prior have been claimed on a joint return. year. HOW TO COMPLETE THIS FORM Column (c). Enter amount of credit claimed against prior Enter the name of the claimant and the claimant’s federal year tax liabilities. identification number (FEIN) or social security number (SSN). Column (d). Enter the excess credit available for carry- Indicate whether the number is the FEIN or the SSN by forward. Subtract column (c) from column (b). checking the applicable box. Compute the sum of column (d), and enter the amount on All claimants must complete Part I to compute the amount of line (A) TOTAL credit available from applications approved credit available and to report the amount of credit claimed. for prior years. Complete Part II, if you have been approved for the veteran employment tax credit for wages paid in a prior year and you Sign and date the declaration at the bottom of the form. |