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 properties listed on the official New Mexico Register of Cultural
Properties, not to exceed $25,000. 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. Any portion of the credit that remains unused at the end of the taxpayer's reporting period may be carried
forward for four consecutive years.
A taxpayer who files a New Mexico personal income tax return and who is not a dependent of another individual and who is
the owner of the cultural property may claim the credit. A member/owner of a partnership, LLC, S corporation, joint venture
or similar business association that has qualified for the preservation of cultural properties credit may claim the credit in
proportion to the taxpayer's interest in the business association. The member/owner must complete Schedule A.
A taxpayer may claim this credit if:
1. The taxpayer submitted a plan and specifications for restoration, rehabilitation, or preservation to the Cultural Properties
Review Committee (CPRC) and received approval from the CPRC for the plan and specifications prior to commencement
of the restoration, rehabilitation, or preservation;
2. The taxpayer received certification from the CPRC after completing the restoration, rehabilitation, or preservation, or
committee-approved phase, that it conformed to the plan and specifications and preserved and maintained those qualities
of the property that made it eligible for inclusion in the official register; and
3. The project is completed within 24 months of the date the project is approved by the CPRC.
A husband and wife who file separate returns for a reporting period in which the