Form Cit 1 New Mexico – Fill Out and Use This PDF

2020 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

*206080200*

4a		Original Return	FOR DEPARTMENT USE ONLY
4b		Amended–RAR
4c		Amended–Capital Loss
4d		Amended–Other

6d

Contact phone number

6a

6b

6c

D.NAICS Code (Required)

E.Is this a return for a unitary group? Yes

water's-edge group. Year of election

No

D1. Principal business activity in New Mexico

E1. If yes, which type of unitary group? worldwide combined group

consolidated group. Year of election

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Withdrawn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

			Column 3
Column 1		Column 2	Amount of quarterly, tentative, or other
Corporation name		FEIN	payments to apply to this return

Column 4 $50 if corporation

pays franchise tax

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.		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.

1. Federal form 1120, line 28, taxable income before NOL and special deductions.............................................

1a. Captive REIT deductions	1a
1b. Exempt entity deductions	1b

1

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.New Mexico taxable income. Subtract line 16 from 15 .....................................................................................

18.New Mexico Income tax. Tax on amount on line 17 (see tax table on page 13 of CIT-1 instructions)...........

19. Total tax credits applied against the income tax liability on line 18 (from CIT-CR, line A). Attach CIT-CR ....

20.Net income tax. Subtract line 19 from line 18. Amount cannot be negative.......................................................

21.Franchise tax ($50 per corporation) ..................................................................................................................

22.Total income and franchise tax. Add lines 20 and 21....................................................................................

23.Amended Returns Only. Enter amount of all 2020 refunds received and overpayments applied to 2021. Also see instructions for line 25.........................................................................................................................

24.Subtotal. Add lines 22 and 23............................................................................................................................

25. Total Payments:

Quarterly

Extension

......................................Applied from prior year

2

3

4

5

6

7

8

9

10

11

12_ _ _ . _ _ _ _ %

13

14

15

16

17

18

19

20

21

22

23

24

25

a prior taxable year?

Yes

No

C. Mark the box indicating the special method elected.

Manufacturers

Headquarters Operation

PROPERTY FACTOR

Average annual value of inventory	1a
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

Column 1	Column 2	Percent
Total Everywhere	Inside New Mexico	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	2a
of employees related to apportionable income
2. Payroll factor. Divide column 2 by column 1 and then multiply by 100		+

SALES FACTOR

2

_ _ _ . _ _ _ _%

3. Sales factor. Divide column 2 by column 1 and then multiply by 100

+

3

_ _ _ . _ _ _ _%

4.	Sum of factor percentages. Add lines 1, 2, and 3	+
	4a. Count of factors. Enter the total count of all factors used
		4a
	NEW MEXICO PERCENTAGE. Divide line 4 by the count of factors used to calculate line 4a
5.

4_ _ _ . _ _ _ _%

5_ _ _ . _ _ _ _%

1.	Non-business dividends	1
2.	Non-business interest	2
3.	Non-business rents	3
4.	Non-business royalties	4
5.	Profit or loss on sale or exchange of
	non-business assets	5
6.	Non-business partnership income or loss	6
7. Other non-business income or loss		7
	(Attach schedule)

Column 1

Gross Amount

Column 2

Related Expenses

Column 3

Column 1 less Column 2

Column 4

Allocation to New Mexico

2020 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.......................................................................................

1

2

3

4

5

6