Cultural Property Preservation Credit.
The credit for preservation of cultural property is 50% of the approved eligible costs of a project for the restoration, rehabilitation or preservation of cultural property listed on the official New Mexico Register of Cultural Properties, not to exceed $25,000. The Cultural Properties Review Committee must approve the project plan before the restoration begins and certify that the completed project conforms to the plan.
For tax years beginning on or after January 1, 2009, if the property is also certified by the state coordinator of the New Mexico Arts and Cultural Districts as located within the boundaries of a state-certified or municipally-certified arts and cultural district, pursuant to the Arts and Cultural District Act, a maximum of $50,000 credit will be allowed.
For certification contact:
Historical Preservation Division
Tax Credit Programs
407 Galisteo Street, Suite 236
Santa Fe, NM 87501
New Mexico Main Street Director and
State Coordinator of New Mexico
Arts and Cultural District
Economic Development Department
Joseph Montoya Building
1100 St. Francis Drive
Santa Fe, NM 87505-4147
To claim this credit, complete Form PIT-4, New Mexico Preservation of Cultural Properties Credit, Schedule PIT-CR and attach it to your Form PIT-1 along with Part 2 approval from the New Mexico Cultural Properties Review Committee.
For assistance claiming the credit, call the Taxation & Revenue Department (TRD) at (505) 827-0827.