Form Rpd-41333 - Advanced Energy Tax Credit Application (Page 4 of 6) in pdf

State of New Mexico - Taxation and Revenue Department

RPD-41333

Rev. 2/2/2012

ADVANCED ENERGY TAX CREDIT

INSTRUCTIONS

Page 1 of 3

HOW TO APPLY FOR THIS CREDIT: A qualified generating

or withholding tax for the same expenditures.

facility or an interest owner, on behalf of the qualified gen-

erating facility, must apply for a certificate of eligibility from

ALLOCATING THE RIGHT TO CLAIM THE CREDIT: A

the New Mexico Environment Department (NMED) before

taxpayer that holds interest in a qualified generating facility

applying to obtain approval to claim the advanced energy tax

may be allocated the right to claim the advanced energy tax

credit (advanced energy income tax credit, advanced energy

credit, without regard to the taxpayer’s relative interest in the

corporate income tax credit and the advanced energy com-

qualified generating facility if:

bined reporting tax credit). NMED determines if the facility is a

•

the business entity making the allocation provides notice

qualified generating facility and issues a certificate within 180

of the allocation and the taxpayer’s interest in the quali-

days after receiving all information necessary to determine

fied generating facility to the Department;

eligibility. Fees will apply, but may not exceed $150,000. For

•

allocations to the taxpayer and all other taxpayers allo-

assistance in obtaining a certificate of eligibility and applicable

cated a right to claim the credit does not exceed 100%

fees, call (505) 476-4334 or write:

of the credit allowed for the qualified generating facility;

and

New Mexico Environment Department

•

the taxpayer and all other taxpayers allocated a right to

Permit Programs Manager

claim the advanced energy tax credits collectively own

NMED Air Quality Bureau

at least 5% interest in the qualified generating facility.

1301 Siler Road, Bldg. B

Santa Fe, New Mexico 87507-3113

Taxpayers eligible to claim an advanced energy tax credit

holding less than 100% of the interest in the qualified gen-

Once NMED issues a certificate, the claimant may submit a

erating facility shall designate an individual to submit the

completed Form RPD-41333, Advanced Energy Tax Credit

application, the eligible generation plant costs incurred dur-

Application, to the Taxation and Revenue Department (TRD)

ing the calendar year and the relative interest of those costs

for approval. The certificate of eligibility must be attached to

attributed to each eligible interest holder. Any changes to the

the application, along with information required to determine

apportioned interest must be reported to the Department. To

the amount of allowable advanced energy tax credits. The

allocate the right to claim all or a portion of the advanced

application must be submitted within one year following the

energy tax credit, complete the Notice of Allocation of Right

end of the calendar year in which the eligible generation plant

to Claim Advanced Energy Tax Credits, attach it to Form

costs are incurred. TRD will issue an approval for the credit,

RPD-41333, Advanced Energy Tax Credit Application, and

and the claimant may then use Form RPD-41334, Advanced

attach proof that the transferee is eligible for the credit as a

Energy Tax Credit Claim Form, to claim the credit against

taxpayer holding an interest in the qualified generating facility.

personal or corporate income taxes, gross receipts, compen-

sating or withholding taxes due to the State of New Mexico.

ADVANCED ENERGY GROSS RECEIPTS AND COM-

PENSATING TAX DEDUCTION: An interest owner who

Documentation required to determine the amount of ad-

has been issued a certificate of eligibility from NMED, may

vanced energy tax credit allowed includes but is not limited to:

also be eligible to take a gross receipts or compensating tax

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the certificate of eligibility issued by NMED;

deduction for purchases of eligible expenses for the qualified

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a detailed schedule describing each qualified expen-

generating facility in lieu of claiming the Advanced Energy

diture and showing the date of purchase and amount

Tax Credit. See RPD-41349, Advanced Energy Deduction

expended;

Report, for more information.

•

a depreciation schedule that can be reconciled to the

HOW TO CLAIM THIS CREDIT: To claim approved ad-

schedule of qualified expenditures; and

vanced energy tax credits, you must attach a completed

•

copies of invoices to support the purchases.

Form RPD-41334, Advanced Energy Tax Credit Claim

You may be asked to provide the Department with a copy of

Form, to the return to which you wish to apply the credit.

your federal Form 4562 at the time it is filed with the Internal

The credit may not exceed the tax liability due on the return.

Revenue Service.

Excess advanced energy tax credits can then be carried

forward for up to ten years and can be applied to any com-

A taxpayer claiming the advanced energy tax credit is ineli-

bination of personal or corporate income tax, gross receipts

gible for credits pursuant to the Investment Credit Act or any

tax, compensating tax or withholding tax due the claimant.

other credit that may be taken against personal income tax,

corporate income tax, gross receipts tax, compensating tax

To claim approved advanced energy tax credit against the

Form Rpd-41333 - Advanced Energy Tax Credit Application Page 4

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