Form RPD-41319 Agricultural Water Conservation Tax Credit Claim Form

2) filed an individual New Mexico income tax return for that year; 3) in that year was not a dependent of another individual; and 4) did not and will not take a tax credit for the same expense on a corporate or a personal income tax return (a) Tax year of previous year s credit Enter the prior tax years for which an agricultural water conservation tax credit has been approved If additional space is needed attach a schedule in the same format on a separate page Do not make an entry for a tax year for which the approved credit is no longer available for carry forward Excess agricultural water (a) Tax year of previous years credit (b) Amount of credit approved (c) Credit claimed against prior year tax liabilities (d) Excess credit available for carry forward [(b) (c)] (If the applicant is an individual) I will not take a tax credit for the same expense on any corporate tax return 1) in that year owned or leased a water right appurtenant to the land on which an eligible improvement was made; 1) made on or after January 1 2008; 2) consistent and complies with a water conservation plan approved by the local soil and water conservation 3) primarily designed to substantially conserve water on land in New Mexico that is owned or leased by the taxpayer About this Credit: A taxpayer may claim a credit against the taxpayer s personal or corporate income tax liability for against the personal or corporate income tax liability due on the attached return AGRICULTURAL WATER CONSERVATION TAX CREDIT CLAIM FORM AGRICULTURAL WATER CONSERVATION TAX CREDIT CLAIM FORM Amount of credit approved For each tax year listed in column (a) enter the amount of credit approved for that tax year and used by the taxpayer or the taxpayer s lessee to: Applying for the Credit: To apply for the agricultural water conservation tax credit obtain an application package from the Soil and Water Conservation district which encompasses the land upon which the applicant is claiming an eligible im provement has occurred To find your local Soil and Water Conservation district visit www nmda nmsu edu/natural resources/ soil and water conservation program or call (575) 646 2642 Attach Form RPD 41319 Agricultural Water Conservation Tax Credit Claim Form to your personal or corporate income tax return and mail to the address on the New Mexico income tax return For assistance completing this form call (505) 476 3683 attached enter the sum of all amounts in column (d) from all pages Also enter this amount on Line 2 of this form Certifications Co owners of land on which eligible improvements are made may claim a pro rata share of the credit based on the co owner s ownership interest Pass through entities making eligible expenses may pass the credit through to their owners in proportion to their share of ownership The total of the credits allowed all co owners partners or members may not exceed the amount conservation tax credits may only be carried forward for five consecutive years following the tax year that the qualified conserved during the period for which the credit is claimed Water conserved due to improvements in irrigation systems or Credit claimed against prior year tax liabilities For each credit amount listed in column (b) enter the total amount of credit applied to personal or corporate income tax liabilities on prior year returns district in which the improvement is located; and due You must apply credit approved to be claimed in the tax year first (Line 1) If the credit amount approved to be claimed eligible expenses were incurred Eligible improvement in irrigation systems or water management methods means an improvement that is: Enter agricultural water conservation tax credits approved for the tax year of the attached return Enter the credit claimed on the applicable line of the New Mexico income tax Form PIT 1 CIT 1 S Corp or FID 1 The agricultural water conservation 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 Enter the portion of available credit claimed on your current New Mexico personal or corporate income tax return Enter the sum of lines 1 and 2 This is the available agricultural water conservation tax credit that may be claimed against the attached New Mexico income tax return Enter total unused agricultural water conservation tax credits available for carry forward Excess credit available for carry forward Subtract column (c) from column (b) and enter the difference expenses incurred by the taxpayer for eligible improvements in irrigation systems or water management methods The credit may be claimed for the taxable year in which the expenses are incurred if the taxpayer: for carry forward (Line 2) next When applying excess credits available for carry forward apply the credit with the oldest approval date first forward for five consecutive years from the tax year in which the qualified eligible expenses were incurred Attach this form from Schedule A harvest or grow trees; or 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 I certify that: (Check all that apply ) I owned or leased a water right appurtenant to the land on which an eligible improvement was made in that year; in a tax year is less than the personal or corporate income tax liability for that year you may apply excess credit available in subsequent years through December 31 2012 The total credit allowed in a tax year may not exceed $10 000 per year INSTRUCTIONS Instructions for Schedule A worksheet to compute the total excess credit available for carry forward Line 1 Tax credits approved Enter the agricultural water conservation tax credits approved for the tax year of the attached return Line 2 Total excess credit available for carry forward Enter the excess credit available for carry forward from Schedule Line 3 Enter the sum of lines 1 and 2 This is the total agricultural water conservation tax credit available to be claimed Line 4 Enter the portion of available credit claimed on your attached personal or corporate income tax return Line Instructions for Completing Form RPD 41319 Agricultural Water Conservation Tax Credit Claim Form: Enter the holder s name and social security number or federal employer identification number Complete Schedule A to compute total excess credit available for carry forward Include in Schedule A only credits that have been al lowed for a prior tax year and that have a balance available for carry forward Credits approved for the tax year of this claim will be included on line 1 of this claim form livestock Credit not taken may be carried forward for five consecutive tax years following the year the eligible expenses Once the application is approved the district will issue a certificate of eligibility If more than one owner partner or member is entitled to the credit each owner partner or member will receive a separate certificate of eligibility Upon receipt of a certificate of eligibility the owner partner or member may claim the credit against their personal or corporate income tax by attaching a completed Form RPD 41319 Agricultural Water Conservation Tax Credit Claim Form and a copy of the certificate of eligibility to the tax return for the tax year in which the credit is approved If the amount of the credit exceeds the tax due Page 1 of 2 Page 2 of 2 per taxpayer for an eligible improvement in irrigation systems or water management methods on land in New Mexico that is owned or leased by the taxpayer and used by the taxpayer to produce agricultural products; harvest or grow trees; or sustain produce agricultural products; PURPOSE OF FORM: To apply the agricultural water conservation tax credit to personal or corporate income tax due submit Form RPD 41319 Agricultural Water Conservation Tax Credit Claim Form with Form PIT 1 CIT 1 S Corp or FID 1 for the tax year to which you wish to apply the credit Excess agricultural water conservation tax credit may be carried Schedule A Worksheet to compute the total excess credit available for carry forward Sign and date the claim form Signature of Taxpayer or Agent Title Date State of New Mexico Taxation and Revenue Department State of New Mexico Taxation and Revenue Department sustain livestock that would have been allowed a sole owner A husband and wife who file separate returns for a taxable year in which they could have filed a joint return may each claim only one half of the credit that would have been allowed on a joint return The amount of the credit is 35% of eligible expenses incurred in calendar year 2008 and 50% of eligible expenses incurred The credit applied to the attached return cannot exceed the amount of personal or corporate income tax liability otherwise the owner partner or member may carry the excess forward for not more than five consecutive tax years The taxpayer claiming the agricultural water conservation tax credit must certify that the applicable statements are true by checking the boxes on Form RPD 41319 to claim the credit to the return and mail to the address on the New Mexico income tax return For assistance completing this form call (505) 476 3683 TOTAL excess credit available Enter the sum of column (d) If supple mental pages are attached enter the sum of column (d) from all pages Total excess credit available for carry forward Enter the sum of all amounts in column (d) If supplemental pages are Upon request taxpayers claiming the credit may be required to provide documentary evidence of the amount of water water management methods and for which a credit is claimed shall not be subject to abandonment or forfeiture nor shall the conserved water be put to consumptive beneficial use were incurred