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New Mexico Form 8862: What You Should Know

Refundable tax credits can be found in the PIT-RC and have eligibility requirements. Business Tax Credits Overview and Forms : Tax Professionals New Mexico offers many tax credits for businesses. The credits are either refundable, or may require documentation to be verified by the state. New Mexico has tax credit amounts that are different from those offered by other states. Tax Credits Overview & Forms : Tax Professionals New Mexico offers numerous deductions and credits for small business and farmers, such as: property tax deduction, small business capital gains deduction, qualified tuition programs, farm tax credit, small business payroll deduction, and property tax deduction. New Mexico has tax credit amounts that are different from those offered by other states. New Mexico Department of Taxation Tax Code and Statutes PIT- RC — Small Business Tax Credit  — Tax Policy Center Tax Code and Statutes The Small Business Tax Credit (PIT-RC) is a tax credit available to small businesses and certain qualified entities. The current tax year is July 1, 2018, to June 30, 2019. The qualifying small business/qualified entity must: be a corporation, partnership or a cooperative; in each of two (2) or more taxable tax years prior to the taxable tax year, be owned by a corporation, an LLC, a limited liability company, a corporation organized under the laws of the United States or any state or territory, or organized under the laws of Canada, or are otherwise exempt from federal income taxation on the basis of being a corporation, a partnership, an LLC, a limited liability company, or a corporation organized under the laws of Canada; and have total adjusted gross income of 600 or less for each taxable year of ownership. Individuals not eligible for the PIT-RC can make a tax-deductible contribution to a qualifying small business, limited liability company, or cooperative. This can be done via payroll deduction, and, depending on the law, may constitute a deduction or exclusion, or both. A taxpayer must file Form 3124 (Form 3124-A or 3124-B) with its return. Taxpayers should use Form 3124-A to determine if they are eligible.

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