The CIT-1 New Mexico form is the official Corporate Income and Franchise Tax Return used by corporations operating in New Mexico. This form captures essential information such as the corporation's income, deductions, and tax credits, ensuring compliance with state tax regulations. Completing the CIT-1 accurately is crucial for determining tax liabilities and potential refunds.
The CIT-1 form is a crucial document for corporations operating in New Mexico, designed to facilitate the filing of corporate income and franchise taxes. This form requires essential information about the corporation, including its name, mailing address, and federal employer identification number (FEIN). It also captures details about the corporation's state of incorporation and the date it began operations in New Mexico. The CIT-1 form distinguishes between original and amended returns, allowing businesses to report changes in their financial status accurately. Furthermore, it provides sections for corporations to indicate their accounting methods and whether they are part of a unitary group. Taxpayers must also disclose their principal business activity and any changes in federal income tax liability due to audits or amended returns. The form includes detailed calculations for taxable income, tax credits, and the total tax due, ensuring that businesses comply with state tax obligations. Completing the CIT-1 form accurately is vital for maintaining compliance and avoiding penalties, making it an essential tool for New Mexico corporations.
2022 CIT-1
NEW MEXICO CORPORATE INCOME AND FRANCHISE TAX RETURN
Corporation name
1a
Mailing address (number and street name)
2a
City
State
Postal/ZIP code
3a
If foreign address, enter country
Foreign province and/or state
3b
FEIN (Required)
New Mexico Business ID #
5a
5b
*226080200*
CHECK ONE (Required):
4a
Original Return
FOR DEPARTMENT USE ONLY
4b
Amended Return
4b.(i) Type:
4b.(ii) Date:
6d
Contact phone number
Fiscal (or Short-Year) Tax Year Starts Fiscal (or Short-Year) Tax Year Ends
Extended Due Date
6a
6b
6c
COMPLETE THE FOLLOWING:
A.
State of incorporation
A1. Date of incorporation
B.
Date business began in New Mexico
B1. State of commercial domicile
C.
Name and address of registered agent in New Mexico
First Name and Last Name
Address
D.
NAICS Code (Required)
E.
Is this a return for a unitary group? Yes
No
water's-edge group. Year of election
ZIP code
D1. Principal business activity in New Mexico
E1. If yes, which type of unitary group? worldwide combined group
consolidated group. Year of election
Member of a unitary group, filing separately. Name of parent entity
NOTE: A unitary group has certain filing requirements. See page 9 of the instructions for definition.
F. Indicate method of accounting:
Cash
Accrual
G.If this is the corporation's final return, was the corporation:
Other (specify) F1.
Dissolved
Merged or reorganized
Withdrawn
G1. Date
H.Has this corporation's federal income tax liability changed for any year due to an IRS audit or the filing of an amended federal return that has not
been reported to New Mexico? Yes
If yes, submit an amended New Mexico Corporate Income and Franchise Tax Return,
and a copy of the amended federal return or Revenue Agent's Report (RAR), if applicable, to the New Mexico Taxation and Revenue Department.
I. If this a return for a filing group, complete the following information for each corporation in the filing group.
The total of column 3 must equal CIT-1, page 2, line 25, and the total of column 4 must equal CIT-1, page 2, line 21. If there are more than three members of the filing group, complete CIT-S to add additional corporations.
Column 3
Column 4
Column 1
Column 2
Amount of quarterly, tentative, or other
$50 if corporation
FEIN
payments to apply to this return
pays franchise tax
Totals
J.If other than a corporation, enter your legal entity type (for example, LLC or partnership):
Refund Express!!
RE1 1. Routing number:
RE2 2. Account number:
Have your refund directly deposited. See instructions and fill in 1, 2, 3, and 4.
RE3 3. Type: Checking
Savings
Enter X.
4.REQUIRED: WILL THIS REFUND GO TO OR THROUGH AN ACCOUNT LOCATED OUTSIDE THE UNITED STATES? If yes, you may not use this refund delivery option. See instructions.
RE4 YES
You must answer
NO
this question.
2022 CIT-1 (page 2)
*226090200*
1.
Taxable income before NOL and special deductions (see CIT-1 instructions).
1a. Captive REIT deductions.
1a.
1b. Exempt entity deductions.
1b.
2.
Interest income from municipal bonds, excluding New Mexico bonds.
3.
Other additions to the base income of a unitary group (see CIT-1 instructions).
4.
Subtotal of base income after additions. Add lines 1, 1a, 1b, 2 and 3.
5.
Federal special deductions (from federal Form 1120, line 29b). Enter only a positive number.
6.
Interest from U.S. government obligations or federally-taxed New Mexico bond.
7.
Certain foreign dividends, Subpart F income, and GILTI (from CIT-C line 6).
8.
Other subtractions to the base income of a unitary group (see CIT-1 instructions).
9.
New Mexico net income or loss. Subtract lines 5, 6, 7, and 8 from 4.
10.
Net allocated income or loss (from CIT-B, line 8).
11.
Total apportionable income or loss. Subtract line 10 from line 9.
12.
New Mexico apportionment percentage (from CIT-A, line 5, or 100%).
_ _ _ . _ _ _ _ %
13.
Income or loss apportioned to New Mexico. Line 11 multiplied by the percentage on line 12.
14.
Net New Mexico allocated income or loss (from CIT-B, line 9).
15.
New Mexico apportioned net income or loss. Add lines 13 and 14.
16.
Net operating loss deduction, not in excess of 80% of line 15. Attach form RPD-41379.
17.
Liquor license lessor deduction. See CIT-1 Instructions.
18.
Exemption for net income subject to the Entity Level Tax. See CIT-1 Instructions
19.
New Mexico taxable income. Subtract line 16, 17, and 18 from 15.
20.
New Mexico Income tax. Tax on amount on line 19 (see tax table on page 13 of CIT-1 instructions).
21.
Total tax credits applied against the income tax liability on line 20 (from CIT-CR, line A). Attach CIT-CR.
22.
Net income tax. Subtract line 21 from line 20. Amount cannot be negative.
23.
Franchise tax ($50 per corporation).
24.
Total income and franchise tax. Add lines 22 and 23
25.
Amended Returns Only. Enter amount of all 2022 refunds received and overpayments applied to 2023. Also
see instructions for line 27
26.
Subtotal. Add lines 24 and 25.
27.
Total Payments: q Quarterly q Extension
qApplied from prior year
27a. q Mark this box if you want to use method 4 to calculate penalty and interest on underpayment of
estimated tax. See instructions, attach RPD-41287.
28.
New Mexico income tax withheld from oil and gas proceeds. Attach Forms 1099-MISC, RPD-41285.
29.
New Mexico income tax withheld from a pass-through entity. Attach Forms 1099-MISC, RPD-41359.
30.
Total payments and tax withheld. Add lines 27 through 29.
31.
Tax due. If line 26 is greater than line 30, subtract line 30 from line 26.
32.
Penalty. See CIT-1 Instructions.
33.
Interest. See CIT-1 Instructions.
34.
Total amount due. Mail your check separately with CIT-PV. Add lines 31 through 33.
35.
Overpayment. If line 30 is greater than line 26, enter the difference.
36.
Amount of overpayment to apply to 2023 liability (not more than line 35).
37.
Amount of overpayment to refund. Subtract line 36 from line 35.
38.
Total portion of tax credits to refund (from CIT-CR, line B). Attach CIT-CR.
39.
Total refund of overpaid tax and refundable credit due to you. Add lines 37 and 38.
Taxpayer's Signature
I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or an employee of the taxpayer) is based on all information of which preparer has any knowledge.
Signature of officer
Date
Title
Taxpayer's email address
Paid Preparer's Use Only
Signature of preparer if
other than employee of the taxpayer
P1
NMBTIN ____________________________
P2
_
P3
Preparer's PTIN
_____________________
P4
Preparer's phone number ____________________________
2022 CIT-A
NEW MEXICO APPORTIONED INCOME FOR
*226280200*
MULTISTATE CORPORATIONS (attach to CIT-1)
Taxpayers with income from inside and outside New Mexico must complete this schedule.
The Department cannot accept computerized schedules instead of this form. You must complete column 1, Total Everywhere, and all other applicable line items for the Department to process the return. Round all dollar amounts.
A. Have you changed your reporting of any class or type of allocated or apportioned income from the way it was reported in
a prior taxable year?
Yes
B. This entity submitted written notification of its election to use one of the special methods of apportionment of business
income for tax year ending _______________. The effective date of the election is
______________. See instructions.
Month/Day/Year
C. Mark the box indicating the special method elected.
Manufacturers
Headquarters Operation
PROPERTY FACTOR
Average annual value of inventory
Average annual value of real property
1b
Average annual value of personal property
1c
Rented property. Multiply annual rental value by 8
1d
Total property
1e
Percent
Total Everywhere
Inside New Mexico
Calculate each
percentage to four
decimal places; for
example, 22.5431%.
1. Property factor. Divide Total property column 2 by column 1 and then multiply by 100...............................................
PAYROLL FACTOR
1
_ _ _ . _ _ _ _%
Wages, salaries, commissions, and other compensation
of employees related to apportionable income
2. Payroll factor. Divide column 2 by column 1 and then multiply by 100
+
SALES FACTOR
2
gross receipts
3. Sales factor. Divide column 2 by column 1 and then multiply by 100
3
Sum of factor percentages. Add lines 1, 2, and 3
4a. Count of factors. Enter the total count of all factors used
NEW MEXICO PERCENTAGE. Divide line 4 by the count of factors used to calculate line 4a
4_ _ _ . _ _ _ _%
5_ _ _ . _ _ _ _%
*226380200*
2022 CIT-B
NEW MEXICO ALLOCATION OF NON-BUSINESS INCOME OR LOSS
SCHEDULE OF INCOME NOT DERIVED FROM THE CORPORATION'S TRADE OR BUSINESS The Department cannot accept computerized schedules instead of this form. Round all dollar amounts.
Non-business dividends
Non-business interest
Non-business rents
Non-business royalties
4
Profit or loss on sale or exchange of
non-business assets
5
Non-business partnership income or loss
6
7. Other non-business income or loss
7
(Attach schedule)
Gross Amount
Related Expenses
Column 1 less Column 2
Allocation to New Mexico
Net allocated income.
Enter here and on CIT-1, line 10. Add column 3, lines 1 through 7
8
Net New Mexico allocated income.
Enter here and on CIT-1, line 14. Add column 4, lines 1 through 7
9
2022 CIT-C
CERTAIN FOREIGN DIVIDENDS, SUBPART F, AND GILTI
1.Certain dividends from foreign corporations (from federal form 1120, Schedule C, Line 14)..............................
2.Subpart F inclusions derived from hybrid dividends of tiered corporations (from federal form 1120, Schedule C,
Line 16b)..............................................................................................................................................................
3.Other inclusions from CFCs under subpart F (from federal form 1120, Schedule C, Line 16c)...........................
4.Global Intangible Low Taxed Income (GILTI) net of the deduction provided under IRC Sec. 250 (federal form 1120, Schedule C, Line 17, net of line 22)............................................................................................................
5.Foreign dividend gross-up (from federal form 1120, Schedule C, Line 18)...........................................................
6.Total. Add lines 1 through 5. Also enter on line 7, CIT-1.......................................................................................
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