ABOUT THIS 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 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.