Preservation of cultural property 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.
Requirements
The New Mexico 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 District Act 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 is allowed.
Carry Forward for Four Years
An amount exceeding the tax liability is not refundable, but you may carry it forward for four consecutive years.