Credits & Rebates

New Mexico provides a number of adjustments to federally adjusted gross income (FAGI), individual credits and rebates, and industry specific credits for New Mexico individual income tax filers.

Form PIT-ADJ, Schedule of Additions, deductions, and exemptions is to make adjustments to your FAGI based on the different types of income, contributions, or age.

Form PIT-RC Rebate and Credit Schedule is a separate schedule to claim individual credits. The balance of any refundable credits, after paying all taxes due, is refunded to you.

Form PIT-CR Business-Related Income Tax Credit Schedule is used to claim industry specific incentives. See FYI-106: Claiming Business-Related Tax Credits for Individuals and Businesses, or Tax Credits Overview & Forms.