Form RPD-41372 Veteran Employment Tax Credit Claim Form

(a) Tax year of previous year s credit (b) Amount of credit approved (c) Credit claimed against prior year tax liabilities (d) Excess credit available for carry forward [(b) (c)] (A) TOTAL credit available from applications approved for prior years Enter the sum of column (d) A husband and wife filing separate returns for a tax year for which they could have filed a joint return each may claim ABOUT THIS TAX CREDIT: after December 31 2016 a taxpayer who employs a qualified All claimants must complete Part I to compute the amount of credit available and to report the amount of credit claimed Complete Part II if you have been approved for veteran employment tax credits in a prior year and you have excess credit available to carry forward to the current tax year Leave Part II blank if you do not have any carry forward available NOTE: Excess credit may not be refunded to the taxpayer but may be carried forward for up to three years Please see the instruc tions to determine the correct amount that can be applied to any return Approved credit should first be applied to the tax due for the Attach this claim form (RPD 41372) to the tax return to which you wish to apply the veteran employment tax credit Attach this form to the tax return to which you wish to apply the credit and mail to the address on the tax return For assis tance claiming this credit call (505) 827 6811 Check one: FEIN Column (a) Enter the tax year in which the wages were paid for the approved credit Column (b) Enter amount of credit approved for the year in column (a) Column (c) Enter amount of credit claimed against prior year tax liabilities Column (d) Enter the excess credit available for carry forward Subtract column (c) from column (b) Compute the sum of column (d) and enter the amount on line (A) TOTAL credit available from applications approved for prior years Enter the credit claimed on the applicable line of the New Mexico income tax Schedule PIT CR CIT CR S Corp CR or FID CR and attach it to the New Mexico income tax return to which the credit is to be applied The veteran employment 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 name of the claimant and the claimant s federal Enter the portion of available credit you wish to apply to the current NM personal or corporate income tax liability This amount may not exceed the tax due on the return Enter the sum of lines 1 and 2 This is the available veteran employment tax credit that may be claimed against the attached New Mexico income tax return Enter the veteran employment tax credit approved for wages paid to the veteran in the year to which the credit is to be applied Enter total credit available for carry forward if any from applications for the credit that is approved for wages paid in a prior year (from Part II) Excess credit may not be refunded to the taxpayer but may be carried forward for up to three years For tax years beginning on or after January 1 2012 but not have been claimed on a joint return HOW TO COMPLETE THIS FORM HOW TO USE THIS FORM When claiming a veteran employment tax credit this form must accompany the tax return to which the taxpayer wishes to apply the credit 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 identification number (FEIN) or social security number (SSN) Indicate whether the number is the FEIN or the SSN by check ing the applicable box All claimants must complete Part I to compute the amount of credit available and to report the amount of credit claimed Complete Part II if you have been approved for the veteran employment tax credit for wages paid in a prior year and you have excess credit available to carry forward to the current tax year NOTE: Excess credit may not be refunded to the taxpayer but may be carried forward for up to three years INSTRUCTIONS Line 1 Enter the veteran employment tax credits which were approved for wages paid in the tax year of the return to which the tax liability is due Line 2 Enter the total credit available for carry forward if any from applications approved for wages paid in a prior year (from Part II) Line 3 Enter the sum of lines 1 and 2 This is the available veteran employment tax credit that may be claimed against your current year tax liability Line 4 Enter the portion of available credit (from line 3) that you wish to apply to the current New Mexico personal or corporate income tax liability due This amount may not exceed the tax due on the return military veteran in New Mexico is eligible for a credit against the taxpayer s personal or corporate income tax liability for Name of claimant Enter the FEIN or the SSN of the claimant only one half of the veteran employment tax credit that would Part I Computation of the Amount of Tax Credit Claimed Part II Compute the credit available for carry forward from prior years Part II Compute the credit available for carry forward from prior years (If applicable) Sign and date the declaration at the bottom of the form Signature of Taxpayer or Agent Title Date State of New Mexico Taxation and Revenue Department That portion of a veteran employment tax credit approved by 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 but the right to claim the credit may be allocated to the owners of a business entity that is taxed federally as a partnership The credit may be allocated to owners in proportion to the owner s interest in the business See Form RPD 41371 Application for Veteran Employment Tax Credit for allocating the credit To apply for the credit submit a completed Form RPD 41371 Application for Veteran Employment Tax Credit to the Taxation and Revenue Department (TRD) See Form RPD 41371 for details on obtaining approval Once you have been approved for the credit by TRD you may use this Form RPD 41372 Veteran Employment Tax Credit Claim Form to claim the credit against your personal or corporate income tax liability due When claiming approved veteran employ ment tax credit(s) this form must accompany the tax return to which the taxpayer wishes to apply the credit up to $1 000 for wages paid to each qualified military veteran VETERAN EMPLOYMENT TAX CREDIT CLAIM FORM who is employed full time in New Mexico If the veteran is employed for less than a full year the credit for that year is reduced based on the fraction of the year the veteran was actually employed The credits allowed per veteran are limited to a maximum of one year s employment See the instructions for Form RPD 41371 Application for Veteran Employment Tax Credit for additional requirements year in which the wages were paid Then apply the carry forward of approved credits for wages paid in a prior year