Personal Income Tax Incentives
New Mexico provides a number of tax credits and rebates for New Mexico individual income tax filers.
The PIT-RC Rebate and Credit Schedule is a separate schedule to claim refundable credits. The balance of any refundable credits, after paying all taxes due, is refunded to you. See form PIT-RC, Rebate and Credit Schedule. Click here for the instructions for this form.
Schedule PIT-CR is used to claim non-refundable credits. Non-refundable credits can be used to reduce tax liability, but if the tax due is reduced to $0, the balance of these credits is not refunded. See FYI-106: Claiming Tax Credits for CRS Taxes and Business-Related Income, or form PIT-CR, Non-Refundable Credit Schedule. Click here for the instructions for this form.
To claim some of these credits additional forms may also be required.