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New Mexico Application for Veteran Employment Tax Credit
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Extracted from PDF file 2023-new-mexico-form-rpd-41371.pdf, last modified July 2015Application for Veteran Employment Tax Credit
STATE OF NEW MEXICO TAXATION AND REVENUE DEPARTMENT RPD-41371 Rev. 07/06/2015 APPLICATION FOR VETERAN EMPLOYMENT TAX CREDIT Who May Use This Form. Form RPD-41371, Application for the Veteran Employment Tax Credit, is to be used by eligible employers to apply for the veteran employment tax credit. How to Apply For This Tax Credit: To apply for the credit you must complete Form RPD-41371, Application for Veteran Employment Tax Credit, and attach a Form RPD-41370, Certification of Eligibility for the Veteran Employment Tax Credit, for each qualified military veteran included in the total credit which is summarized on the application, Form RPD-41371. An application can include multiple certifications for multiple qualified military veterans for the tax year of the application. Submit the application and certifications to the Taxation and Revenue Department for approval prior to claiming the credit. Once approved, you may claim the credit against your personal or corporate income tax due by attaching Form RPD-41372, Veteran Employment Tax Credit Claim Form, to the tax return for the tax year in which you employ the qualified military veteran. The amount of the approved veteran employment credit that exceeds your income tax or corporate income tax liability in the taxable year in which the credit is claimed will not be refunded, but may be carried forward for up to three years. For status of the application, call (505) 827-0792. Mail to: Taxation and Revenue Department, P.O. Box 5418, Santa Fe, NM 87502-5418. Name of eligible employer New Mexico CRS identification no. Physical address City, state, and ZIP code Mailing address, if different City, state, and ZIP code Name of contact Phone number Email address 1. Enter the employer’s tax year in which the eligible employment took place. through (mm-dd-ccyy) Total Veteran Employment Tax Credit 2. Enter the number of certifications* attached: _______________________ 3. Enter the total veteran employment tax credit requested: $ _______________________ (mm-dd-ccyy) If the veteran was employed across multiple tax years, include only certifications for qualified periods of employment that occurred during this tax year. A separate application must be submitted for qualified periods of employment that occurred in a different tax year. A certification for each military veteran whose qualified period of employment occurred during the tax year of this application must be attached. Enter the sum of the tax credit requested (from line 10) from each certification included in this application. *Attach Form(s) RPD-41370, Certification of Eligibility for the Veteran Employment Tax Credit. I declare I have examined this application, including attachments, and to the best of my knowledge and belief it is true, correct and complete. Taxpayer Authorized Signature Date FOR DEPARTMENT USE ONLY Authorized by the New Mexico Taxation and Revenue Department. Approved by: Title: Telephone number: Date: Veteran Employment Tax Credit amount approved: $ Claim number: RPD-41371 Rev. 07/06/2015 STATE OF NEW MEXICO TAXATION AND REVENUE DEPARTMENT APPLICATION FOR VETERAN EMPLOYMENT TAX CREDIT Part II - Distribution of credit to owners, members or partners, if the employer files a partnership return. An owner, member or partner (owners) may be allocated the right to claim a veteran employment tax credit in proportion to its ownership interest if the taxpayer owns an interest in a business entity that is taxed for federal income tax purposes as a partnership. To allocate the credit to the owners of the business entity qualifying for the credit, complete the following for each owner. The total credit that may be claimed by all members of the partnership or other business entity shall not exceed the allowable credit approved. If additional space is needed, continue the list on a copy of this page. Distributed to: Name of owner, member or partner SSN Percent of ownership Amount Percent of ownership Amount Percent of ownership Amount Percent of ownership Amount Percent of ownership Amount Percent of ownership Amount Percent of ownership Amount Percent of ownership Amount Percent of ownership Amount Percent of ownership Amount Percent of ownership Amount Percent of ownership Amount FEIN Name of owner, member or partner SSN FEIN Name of owner, member or partner SSN FEIN Name of owner, member or partner SSN FEIN Name of owner, member or partner SSN FEIN Name of owner, member or partner SSN FEIN Name of owner, member or partner SSN FEIN Name of owner, member or partner SSN FEIN Name of owner, member or partner SSN FEIN Name of owner, member or partner SSN FEIN Name of owner, member or partner SSN FEIN Name of owner, member or partner SSN FEIN RPD-41371 Rev. 07/06/2015 STATE OF NEW MEXICO TAXATION AND REVENUE DEPARTMENT APPLICATION FOR VETERAN EMPLOYMENT TAX CREDIT INSTRUCTIONS ABOUT THIS TAX CREDIT For tax years beginning on or after January 1, 2012, but not after December 31, 2016, a taxpayer who employs a qualified military veteran, for at least 40 hours per week, in New Mexico is eligible for a credit against the taxpayer’s personal or corporate income tax liability for up to $1,000 for wages paid to each qualified military veteran. If the veteran’s qualified period of employment is less than a full year, the credit for that year is reduced based on the ratio of the qualified period of employment over the full tax year of the employer. • An employer may not receive the credit for any individual qualified military veteran for more than one calendar year from the date of hire. • Multiple employers may not receive a credit for more than one year combined for the same qualified military veteran. • Only one employer may receive the credit for a specific veteran during a tax year. • The date of discharge may not exceed two years from the date the employer hired the military veteran. • The veteran employment tax credit is only allowed for the employment of a veteran who was not previously employed by the taxpayer prior to the individual’s deployment. That portion of a veteran employment tax credit approved by Taxation and Revenue Department (TRD) that exceeds a taxpayer’s income tax liability in the tax year in which the veteran employment tax credit is claimed may not be refunded to the taxpayer, but may be carried forward for up to three years. The veteran employment tax credit may not be transferred to another taxpayer. Married individuals filing separate returns for a tax year for which they could have filed a joint return, each may claim only one-half of the veteran employment tax credit that would have been claimed on a joint return. An owner, member or partner (owners) may be allocated the right to claim a veteran employment tax credit in proportion to its ownership interest if the taxpayer owns an interest in a business entity that is taxed for federal income tax purposes as a partnership. To allocate the credit to the owners of the business entity qualifying for the credit, complete Part II. The total credit that may be claimed by all members of the partnership or other business entity shall not exceed the allowable credit approved. ATTACHMENTS The taxpayer must provide a copy of the qualified military veteran’s DD Form 214, Certificate of Release or Discharge from Active Duty, or other evidence acceptable to the Department. The document must show the date the military veteran was honorably discharged from a branch of the United States military. Evidence other than the qualified military veteran’s DD Form 214, should be approved through the Department Page 1 of 2 before submitting the application. The Department may request additional information establishing that the employee is a qualified military veteran. HOW TO COMPLETE THIS FORM Complete all information requested. Enter the date using a two-digit month and day and a four-digit year (mm/dd/ccyy). Enter the name, address and the New Mexico CRS identification number of the employer. The physical address should be the address where the business is located or based. Enter the mailing address if it is a different address. 1. Enter the employer's tax year in which the eligible employment took place. Enter the first and last day of the tax year. Enter the date using a two-digit month and day and a four-digit year (mm/dd/ccyy). 2. Enter the number of certifications (Form RPD-41370, Certification of Eligibility for the Veteran Employment Tax Credit) attached and included in this application. 3. Enter the sum of the veteran employment tax credit (from line 10 of each certification attached). A maximum of $1,000 for each qualified military veteran in tax year is allowed. Sign and date the application. Mail to: Taxation and Revenue Department P.O. Box 5418 Santa Fe, NM 87502-5418. IMPORTANT INFORMATION TO KNOW ABOUT THE APPROVAL OF THE CREDIT • Failure to properly complete the application and submit any required documents may result in a denial of the credit. • Once a qualified military veteran is approved on an application for a tax year, any credit requested by another employer for the same military veteran on subsequent applications for the same tax year will be denied. • Applications will be processed in the order in which they are received. • When the period of employment, beginning from the date of hire through the first year, crosses two tax years, one application for each tax year for the same qualified military veteran may be approved. • For multiple claims received for the same qualified military veteran, the dates of employment will be compared to ensure that a credit is allowed for only one full year of employment. RPD-41371 Rev. 07/06/2015 STATE OF NEW MEXICO TAXATION AND REVENUE DEPARTMENT APPLICATION FOR VETERAN EMPLOYMENT TAX CREDIT INSTRUCTIONS HOW TO CLAIM THIS TAX CREDIT Once approved, you may claim the credit against your personal or corporate income tax due by attaching Form RPD41372, Veteran Employment Tax Credit Claim Form, to the tax return for the tax year in which you employ the veteran. Excess credit may be carried forward for three years. Mail all forms to the address on the tax return. Page 2 of 2 DEFINITION A "qualified military veteran" means an individual who is hired within two years of receipt of an honorable discharge from a branch of the U.S. military, who works at least 40 hours per week during the taxable year for which the veteran employment tax credit is claimed, and who was not previously employed by the taxpayer prior to the individual’s deployment. The qualified military veteran must work or be expected to work an average of 40 hours or more per week.
Form RPD-41371
More about the New Mexico Form RPD-41371 Other Tax Credit TY 2023
We last updated the Application for Veteran Employment Tax Credit in February 2024, so this is the latest version of Form RPD-41371, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form RPD-41371 directly from TaxFormFinder. You can print other New Mexico tax forms here.
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Form Sources:
New Mexico usually releases forms for the current tax year between January and April. We last updated New Mexico Form RPD-41371 from the Taxation and Revenue Department in February 2024.
Form RPD-41371 is a New Mexico Other form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
Historical Past-Year Versions of New Mexico Form RPD-41371
We have a total of thirteen past-year versions of Form RPD-41371 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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