Cultural Property Preservation Tax Credit
AGENCY: Taxation and Revenue Department
DESCRIPTION: To encourage the restoration, rehabilitation, and preservation of cultural properties, any taxpayer who files a corporate income tax return and who is the owner of a cultural property listed on the official New Mexico register of cultural properties, with its consent, may claim a credit under 7-2A-8.6 NMSA.
Any taxpayer who files an individual New Mexico income tax return and who is not a dependent of another individual and who is the owner of a cultural property listed on the official New Mexico register of cultural properties, with his consent, may claim a credit under 7-2-18.2 NMSA.
• A certified historic structure listed on the official New Mexico Register of Cultural Properties owned or rented by any taxpayer who files a corporate or individual income tax return in New Mexico is eligible.
• After January 1, 2009, if the property is also located in an arts and cultural district certified by the state or a municipality pursuant to the Arts and Cultural District Act, a maximum $50,000 credit is allowed on the same property. PROGRAM/LOAN STRUCTURE: To claim the tax credit, the taxpayer must
• Submit a plan a specifications for restoration, rehabilitation or preservation to the committee and receive approval from the committee prior to commencement.
• Receive certification from the committee that the first step was completed.
• Complete the project within 24 months from the date of approval.
• To place the property on the Register, contact the Historic Preservation Division of the Office of Cultural Affairs.
• Rehabilitation work must be certified for compliance with the Secretary of Interior's standards before work begins.
• Property owners apply to the New Mexico Taxation and Revenue Department for forms to claim the credit.
• Offers a maximum tax credit of 50% of the cost of restoration, rehabilitation or preservation up to $25,000.
• Visit the Taxation and Revenue Department homepage at http://www.state.nm.us/tax/home.htm or find paperwork and applications at http://www.state.nm.us/tax/BizPge.htm.
• Call the office of the Secretary at (505) 827-0951.
Category: State Incentives, Tax Incentives
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