us-nm/stat
NMSA 1978, § 7-2-18.2 — Credit for preservation of cultural property; refund
A.
Tax credits for the preservation of cultural property may be claimed as follows:
(1) to encourage the restoration, rehabilitation and preservation of cultural
properties, a 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 the taxpayer's consent,
may claim a credit not to exceed a maximum aggregate of twenty-five thousand dollars
($25,000) in an amount equal to one-half of the cost of restoration, rehabilitation or
preservation of a cultural property listed on the official New Mexico register; or
(2) if a cultural property, whose owner may otherwise claim the credit set forth
in Paragraph (1) of this subsection is also located within an arts and cultural district
certified by the state or a municipality pursuant to the Arts and Cultural District Act [15-
5A-1 to 15-5A-7 NMSA 1978], the owner of that cultural property may claim a credit not
to exceed fifty thousand dollars ($50,000), including any credit claimed pursuant to
Paragraph (1) of this subsection, in an amount equal to one-half of the cost of
restoration, rehabilitation or preservation of the cultural property.
B.
The taxpayer may claim the credit if:
(1) the taxpayer submitted a plan and specifications for restoration,
rehabilitation or preservation to the committee and received approval from the
committee for the plan and specifications prior to commencement of the restoration,
rehabilitation or preservation;
(2) the taxpayer received certification from the committee 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 twenty-four months of the date the project
is approved by the committee in accordance with Paragraph (1) of this subsection.
C.
A taxpayer may claim the credit provided in this section for each taxable year in
which restoration, rehabilitation or preservation is carried out. Except as provided in
Subsection F of this section, claims for the credit provided in this section shall be limited
to three consecutive years, and the maximum aggregate credit allowable shall not
exceed twenty-five thousand dollars ($25,000) if governed by Paragraph (1) of
Subsection A of this section, or fifty thousand dollars ($50,000) if governed by
Paragraph (2) of Subsection A of this section, for any single restoration, rehabilitation or
preservation project for any cultural property listed on the official New Mexico register
certified by the committee.
D.
A husband and wife who file separate returns for a taxable year in which they
could have filed a joint return may each claim only one-half of the credit that would have
been allowed on a joint return.
E.
A taxpayer who otherwise qualifies and claims a credit on a restoration,
rehabilitation or preservation project on property owned by a partnership of which the
taxpayer is a member may claim a credit only in proportion to the taxpayer's interest in
the partnership. The total credit claimed by all members of the partnership shall not
exceed twenty-five thousand dollars ($25,000) in the aggregate if governed by
Paragraph (1) of Subsection A of this section, or fifty thousand dollars ($50,000) in the
aggregate if governed by Paragraph (2) of Subsection A of this section, for any single
restoration, rehabilitation or preservation project for any cultural property listed on the
official New Mexico register certified by the committee.
F.
The credit provided in this section may only be deducted from the taxpayer's
income tax liability. Any portion of the maximum tax credit provided by this section that
remains unused at the end of the taxpayer's taxable year may be carried forward for
four consecutive years; provided, however, the total tax credits claimed under this
section shall not exceed twenty-five thousand dollars ($25,000) if governed by
Paragraph (1) of Subsection A of this section, or fifty thousand dollars ($50,000) if
governed by Paragraph (2) of Subsection A of this section, for any single restoration,
preservation or rehabilitation project for any cultural property listed on the official New
Mexico register.
G.
The historic preservation division shall promulgate regulations for the
implementation of Subsection B of this section.
H.
As used in this section:
(1) "committee" means the cultural properties review committee created in
Section 18-6-4 NMSA 1978; and
(2) "historic preservation division" means the historic preservation division of
the cultural affairs department created in Section 18-6-8 NMSA 1978.
Source: official text