Form Rpd-41333 - Advanced Energy Tax Credit Application (Page 5 of 6) in pdf

RPD-41333

State of New Mexico - Taxation and Revenue Department

Rev. 2/2/2012

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

IMPORTANT DEFINITIONS:

PIT-1, attach a completed Form RPD-41334, Advanced En-

“Eligible generation plant costs” means expenditures for

ergy Tax Credit Claim Form, to Form PIT-1, New Mexico

the development and construction of a qualified generating

Personal Income Tax Return, or to Form FID-1, New Mexi-

facility, including permitting; site characterization and assess-

co Fiduciary Income Tax Return. Enter the amount of credit

ment; engineering; design; carbon dioxide capture, treatment,

claimed against the current return on Schedule PIT-CR or

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. A husband and wife 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

ciation”. For purposes of the advanced energy tax credit,

Return, or to Form S-Corp, New Mexico Subchapter S Cor-

eligible generation plant costs must be subject to deprecia-

porate Income and Franchise Tax Return. Enter the amount

tion. “Subject to depreciation” means the taxpayer’s federal

of credit claimed against the current return on Schedule

income tax return must include a depreciation expense with

CIT-CR or S-Corp-CR. Do not claim more credit than the

respect to the eligible generation plant costs for which an

corporate income tax due shown on Form CIT-1, or more

advanced energy tax credit is sought or claimed. Equipment

than the corporate income tax due and withholding tax

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;

Form Rpd-41333 - Advanced Energy Tax Credit Application Page 5

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