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New Mexico Compensating Tax Return
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Extracted from PDF file 2023-new-mexico-form-trd-41412.pdf, last modified September 2023Compensating Tax Return
New Mexico Taxation and Revenue Department TRD-41412 Rev.07/01/2023 *30100200* COMPENSATING TAX RETURN This report can be filed online at https://tap.state.nm.us Tax Period New Mexico Business Tax Identification Number (NMBTIN) Beginning (MM/DD/CCYY) Federal Employer Identification Number (FEIN) Ending (MM/DD/CCYY) Social Security Number (SSN) Amended Return Business Name (Print) Amended Return q Ifplease the address is new or changed, mark this box. If there are any additional changes to your NMBTIN complete and send in ACD-31015, Business Tax Registration Application and Update Form. Check the box above only if you are amending over your original return. Be sure to fill out this return as it should have been originally filed for the specified Tax Period. The amended return will override all information reported on your original return. Mailing Address (Number and street) City State If foreign address, enter country Foreign Province or state E-mail address Phone Number IMPORTANT: If your amended return will result in an overpayment or refund due, you must attach RPD-41071, Application For Refund and supporting documentation to justify your refund request. Incomplete requests can result in a refund delay, request for information, or denial. Postal/ZIP Code Reason for amending: Column A Column B Column C Column D Column E Column F Column G Column H Column I Municipality/ County Name Location Code Special Rate Code Value Deduction Code Deduction Amount Taxable Value Tax Rate Compensating Tax Due Fuel Only 1. Total Tax Due. (Enter total from Column I)..................................................................... 1. 2. Business-Related tax credits applied, from Schedule CR, line A. Attach ScheduleCR. ........................................................................................................................... 2. 3. Net Tax. (Subtract line 2 from line 1, enter amount here)................................................... 3. 4. Penalty....................................................................................................................................... 4. 5. Interest...................................................................................................................................... 5. 6. Total Amount Due. (Add lines 3, 4, and 5, enter amount here)....................................... 6. 7. Refundable business-related tax credits applied, from Schedule CR, line B. Attach Schedule CR. ........................................................................................................... 7. 8. Overpayment. Attach RPD-41071.(Subtract line 6 from line 7, enter amount here)......... 8. = = + + = = Total amount of compensating tax attributable to the sale of fuel specially prepared and sold for use in turboprop or jet-type engine. (This line replaces RPD-41296, which has been retired) I declare that I have examined this return including any accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete. Signature of taxpayer or authorized agent Print Name Title Date TRD-41412 Rev.07/01/2023 New Mexico Taxation and Revenue Department COMPENSATING TAX BUSINESS-RELATED TAX CREDIT Schedule CR Business Name (Print) *30110200* New Mexico Business Tax Identification Number- NMBTIN Use this schedule to claim the business-related tax credits listed on this form that you may take against New Mexico compensating taxes. If applicable, you may also claim the refundable portion of approved tax credits using this schedule. On your TRD-41412, Compensating Tax Return, line 2, enter the total tax credits you claimed on line A of this schedule to apply to tax due. On TRD-41412, line 3, enter the total refundable part of the tax credits claimed on line B of this schedule. Be sure to attach the appropriate backup documentation to support each tax credit. When claiming these credits, you must attach Schedule CR to your TRD-41412. To calculate the amount you may claim for any tax year, refer to the claim form for the credit, or if no claim form, refer to the instructions. For a complete description of the credits, see the TRD-41412 instructions and FYI-106, Claiming Business-Related Tax Credits for Individuals and Businesses. Credit Type Code Credit Name and Attachments Required to Claim Credit Non-Refundable (claim credits in column C only) A01 Affordable housing tax credit. Attach RPD-41301 and MFA investment vouchers. A04 Advanced energy tax credit. Attach RPD-41334 and approval letter. Repealed July 1, 2023. A06 Alternative energy product manufacturers tax credit. Attach RPD-41331. B03 Biodiesel blending facility tax credit. Attach RPD-41321. H01 High-wage Jobs tax credit. Attach RPD-41290. I01 Investment tax credit. Attach RPD-41212. R01 Rural job tax credit. Attach RPD-41243. Refundable (apply credit amount to tax due in column C and amount to refund in column D) H01 High-wage Jobs tax credit. Attach RPD-41290. I01 Investment tax credit. Attach RPD-41212. T02 Technology jobs and research and development (additional) tax credit. Attach RPD-41386. Important: Fill out columns A-D, rows 1-20 if applicable. Incomplete claim forms may result in denial of the credit. You must use the table below, substitute schedules or tables are not allowed. Column A Column B Column C Column D Credit Type Code Credit Approval Number Amount of Credit Applied to Tax Due Amount of Credit to Refund 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. A. TOTAL applied to tax liability due......................................... Enter the sum of column C. Also enter this amount on TRD-41412, page 1, line 2. If you are claiming more that 20 credits, include the amounts from your Supplemental Schedule CR. B. TOTAL portion of tax credits to refund (credit type H01, I01, and T02).................................................. Enter the sum of column D. Also enter this amount on TRD-41412, page 1, line 7. If claiming more than 20 credits, include all refundable amounts of credit type H01, IO1, and T02 from your Supplemental Schedule CR. TRD-41412 Rev.07/01/2023 New Mexico Taxation and Revenue Department *30120200* COMPENSATING TAX BUSINESS-RELATED TAX CREDIT Supplemental Schedule CR Business Name (Print) New Mexico Business Tax Identification Number- NMBTIN If you are claiming more than twenty tax credits on your TRD-41412, Compensating Tax Return, use this Supplemental Schedule CR. Claim the first twenty on Schedule CR and then claim the twenty-first and any additional credits on a Supplemental Schedule CR. The credit type codes and names are listed on Schedule CR. Column A Column B Column C Column D Credit Type Code Credit Approval Number Amount of Credit Applied to Tax Due Amount of Credit to Refund 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. Total applied on this sheet ............................................................... Enter the sum of column C. Include this amount on Schedule CR, line A. Portion of tax credits to refund (credit type H01, I01, and T02)............................................................................. Enter the sum of column D. Include this amount on Schedule CR, line B. If you need more space, use multiple Supplemental Schedule CRs. You must attach Schedule CR and all Supplemental Schedule CRs to your TRD-41412. If they are not attached, the Department denies any additional tax credit claims.
Form TRD-41412
More about the New Mexico Form TRD-41412 Individual Income Tax TY 2023
Use form TRD-41412 to calculate tax due from purchases of properties or services in which no tax was paid.
We last updated the Compensating Tax Return in January 2024, so this is the latest version of Form TRD-41412, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form TRD-41412 directly from TaxFormFinder. You can print other New Mexico tax forms here.
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TaxFormFinder has an additional 80 New Mexico income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the New Mexico Form TRD-41412.
| Form Code | Form Name |
|---|---|
| Form TRD-41412 (Instructions) | Compensating Tax Return (Instructions) |
View all 81 New Mexico Income Tax Forms
Form Sources:
New Mexico usually releases forms for the current tax year between January and April. We last updated New Mexico Form TRD-41412 from the Taxation and Revenue Department in January 2024.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of New Mexico Form TRD-41412
We have a total of three past-year versions of Form TRD-41412 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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