Incentives Directory

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.
AND
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.
ELIGIBLE USES:
•  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. 
QUALIFICATION CRITERIA/COMMENTS:
•  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.

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AGENCY: U.S. Department of Agriculture (USDA) Rural Development (RD), Rural Housing Service (RHS) DESCRIPTION: The Rural Housing Repair and Rehabilitation Loan and Grant Programs provide loans and grants for home repair and improvements in rural areas. ELIGIBLE USES: • Funding for the removal of health and safety hazards... Learn More
AGENCY: US Department of Agriculture (USDA) Rural Development (RD), Rural Housing Service (RHS) DESCRIPTION: Loans for public or private non-profit organizations to buy and develop building sites. ELIGIBLE USES: • Construction of access roads, streets and utilities. • Section 523 Loan funds may be used to purchase land t... Learn More
AGENCY: US Department of Agriculture (USDA) Rural Development (RD), Rural Housing Service (RHS) DESCRIPTION: RD Self Help provides grants for technical assistance in building low-income housing. ELIGIBLITY: Uses include technical assistance that will help very low- and low-income families build homes in rural areas by the self-hel... Learn More
AGENCY: New Mexico State Investment Council (SIC) DESCRIPTION: Often referred to as the "Oregon Plan". The Severance Tax Permanent Fund (STPF) may be invested in participations of real estate loans made by financial institutions. ELIGIBLE USES: • Loan proceeds may be used: • Purchase land and attached buildings; and &bull... Learn More
AGENCY: Cibola Communities Economic Development Foundation DESCRIPTION: A variety of incentives offered to encourage economic development in Cibola County. PROGRAM/LOAN STRUCTURE: Financial assistance is provided through gap financing and small business loans. QUALIFICATION CRITERIA/COMMENTS: • Available to qualified manufacturing and processing businesses located or willing to locate in Cibol... Learn More
AGENCY: Energy, Minerals, and Natural Resources Department DESCRIPTION: To encourage the growth of and investment in renewable sources of energy, the state of New Mexico allows a certain amount of credit for those eligible against their corporate income tax. ELIGIBILITY: A person is eligible for the Renewabl... Learn More
AGENCY: Taxation and Revenue Department ELIGIBILITY: Any taxpayer that is a qualified research and development small business is eligible. The costs of a qualified research and development business are eligible for this tax credit. PROGRAM/LOAN STRUCTURE: • Maximum Program Benefits: Credit may be taken against gross receipts tax... Learn More
AGENCY: Taxation and Revenue Department DESCRIPTION: Employers in rural areas will be entitled to a tax credit when expanding their work force. PROGRAM/LOAN STRUCTURE: • The Economic Development Department will determine which employers are eligible and will report the listing to the Taxation and Revenue Department. • Maximum Progra... Learn More
AGENCY: Enchantment Land Certified Development Company (ELCDC) DESCRIPTION: The ELCDC provides free, personalized pre-loan and post-loan advice and training to borrowers. ELIGIBLE USES: The fund’s training and technical services include, but are not limited to: • Small Businesses: • Developing business plans; • Financial planning and analysis; • Completing the Loa... Learn More
AGENCY: Enchantment Land Certified Development Company (ELCDC) DESCRIPTION: The SBA 504 Program provides “economic development financing specifically designed to stimulate private sector investment in long-term fixed assets to increase productivity, create new jobs, and increase the local tax base”. ELIGIBILITY: • Typical candidates for 504 Loans are businesse... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: CAPLines are revolving lines of credit which allow a borrower to obtain funds as needed from a pre-approved credit account. The general formula is up to 80% of accounts receivable no older than 90 days and 50% of saleable inventory... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: The Delta program provides financial and technical assistance to defense dependent small businesses adversely affected by defense reductions. The goal of the program is to assist businesses to diversify in the commercial market while remaining part of the defense industria... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: Designed to provide short-term working capital to exporters. ELIGIBLE USES: • Proceeds can be used • To purchase land or buildings, to cover new construction as well as expansion or conversion of existing facilities; • To acquire equipment, machinery, furniture, fixtures, supplies, ormaterials; • Fo... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: Assistance to eligible small businesses in an industry (1) engaged or preparing to engage in international trade or (2) adversely affected by import competition. ELIGIBLE USES: The proceeds of a SBA International Trade loan may be used to acquire, construct, renovate... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: Often referred to as the 7(a) Program. Guarantees loans made by lenders to small businesses. The lender may sell the guaranteed portion into the secondary market or retain the asset. ELIGIBLE USES: • Includes the purchase of fixed assets or inventory; leasehol... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: Pollution Control Loans are 7(a) Loans with a special purpose of pollution control. The program is designed to provide financing to eligible small businesses for the planning, design, or installation of a pollution control facility. This facility must prevent, reduce... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: The SBA offers guaranteed loans to employee trusts either to (1) help finance the growth of its employer’s small business or (2) to purchase ownership or voting control of the employer. ELIGIBLE USES: • The SBA requires that the trust be sponsore... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: Through the 8(a) Program, small businesses owned by socially and economically disadvantaged persons may obtain federal government contracts and other assistance in developing their business. ELIGIBLE USE: • The SBA acts as a prime contractor and enters into all types of federa... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: SCORE is a volunteer program sponsored by the SBA. The program matches volunteers with small business owners who need advice. ELIGIBLE USES: • In-depth counseling and training in a variety of subjects is provided to existing businesses, including: • Identification of basic managemen... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: The Small Business Innovation Research Program provides an opportunity for small technology-based firms to compete for federal research and development contracts. ELIGIBLE USE: • Phase I: Exploration of the technical merit or feasibility of an idea or technology. • Phase II: Research an... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: SBIC's are privately-owned and operated investment companies licensed by the SBA to provide equity, venture capital and/or loans to small businesses and minority-owned businesses. ELIGIBLE USE: • The SBIC must provide equity capital to small businesses. • The SBIC may loan money t... Learn More
AGENCY: Taxation and Revenue Department DESCRIPTION: As of the 2006 Legislature, a 10% tax credit on the installation and purchase of solar thermal and photovoltaic systems in a residence, business, or agricultural enterprise in New Mexico is allowed; the desire is to encourage the use an... Learn More
DESCRIPTION: The Space Alliance Technology Outreach Program provides a free service designed to speed the transfer of space technology to the private sector by assisting small businesses facing technical challenges. ELIGIBILITY: Businesses include but are not limited to consumer goods, technology, manufacturing, distribution, safety and protection... Learn More
AGENCY: Los Alamos National Laboratory, Phillips Laboratory, Sandia National Laboratory and University of New Mexico (UNM) DESCRIPTION: Technology transfer is now a mission of all Department of Energy Laboratories. The labs and UNM have expressed their eagerness and ability to develop cooperative agreements with industry. ELIGIBLE USES: &bull... Learn More
DESCRIPTION: TVC is incorporated as a non-profit company in New Mexico to support start-up and expanding technology-based companies. PROGRAM/LOAN STRUCTURE: • Maximum Program Benefits: The operating concept of TVC is to: • Develop linkages between investment sources such as venture capital funds and entrepreneurs,or start-up and expanding companies; &bull... Learn More
AGENCY: North Central New Mexico Economic Development District (NCNMEDD) DESCRIPTION: The Tri-County Regional Revolving Loan Fund is an incentive implemented to assist counties impacted by program changes experienced by Los Alamos National Laboratory (LANL). ELIGIBLE USE: • The types of organizations and projects that may be finance... Learn More
AGENCY: UNM Bureau of Business and Economic Research (BBER), University of New Mexico DESCRIPTION: Provides research and information services for businesses and economic development organizations. BBER maintains a socioeconomic data bank and serves as a repository for U.S. Census Bureau data. ELIGIBLE USES: • Types of data availabl... Learn More
AGENCY: Utility Companies DESCRIPTION: Because a healthy business environment is important to utility companies, most have business development specialists on staff. ELIGIBLE USES: • Most utility companies provide rate incentives to their industrial users. • In addition, most utility companies provide referrals to: • Sources of financing and incentives; • Informatio... Learn More
AGENCY: Department of Veterans Affairs (VA) DESCRIPTION: Assists eligible veterans to purchase single-family homes by guaranteeing a lender's mortgage against loss. Each qualified veteran receives a certificate of eligibility which provides a maximum entitlement. ELIGIBLE USES: VA-guaranteed financing may be used to buy a home, townhouse, o... Learn More
DESCRIPTION: Venture capital is a source of private capital. ELIGIBLE USE: • Fund raising technique. • Generally requires the exchange of equity in return for funding. • Generally requires a high rate of return on investment (20% per annum). • Typical investment ranges from $500,000 to many millions of dollars. &bull... Learn More
AGENCY: National Minority Suppliers Development Council (NMSDC) or Small Business Administration (SBA) DESCRIPTION: The primary objective of the National Minority Supplier Development Council is to provide a direct link between corporate America and minority-owned businesses. The Minority and Women-Owned Business Vendor-Partner Program facilitates the process o... Learn More
DESCRIPTION: WESST is a non-profit organization whose purpose is to help create economic security by reducing the risks of starting and owning a business. ELIGIBLE USES: • WESST will assist a business owner in: • Assessing new business ideas; • Determining financialoptions; • Pricing products and services; • Developing market research; &bull... Learn More
DESCRIPTION: A legal structure for employee ownership of a business. ELIGIBLE USE: • A worker cooperative will credit members with a portion of net earnings and use the funds as tax-free money to finance growth. PROGRAM/LOAN STRUCTURE: • Maximum Program Benefits: • Net earnings are shared with workers based o... Learn More
AGENCY: Albuquerque Technical Vocational Institute (TVI) DESCRIPTION: The Workforce Training Center provides innovative, customized training, skill development, and business consulting of the highest quality in order to foster and enhance economic development in New Mexico. The Workforce Training Center at TVI is dedicated to helping businesses... Learn More
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