Current through Register Vol. 35, No. 18, September 24, 2024
A.
Cultural property credit
defined. The preservation of cultural property credit is a credit
against a taxpayer's New Mexico personal income tax due for amounts expended
for the restoration, rehabilitation and preservation of cultural property owned
by the taxpayer and listed on the official New Mexico register of cultural
properties as those terms are defined in 1 of the cultural properties review
committee Rule 84-1. Any taxpayer who files a New Mexico personal income tax
return and who is not a dependent of another individual may claim a credit in
an amount equal to one-half of the cost of the restoration, rehabilitation or
preservation of the cultural property, not to exceed a maximum of twenty-five
thousand dollars ($25,000).
B.
Filing requirements.
(1) The
claim for the cultural property credit shall consist of a copy of the letter of
certification, a copy of Form B, part 2 from the cultural properties review
committee and a copy of the invoices or a statement from the contractor(s)
showing the cost incurred for the year of the claim.
(2) The claim must be submitted with and
attached to the New Mexico personal income tax return for the year or years in
which the restoration, rehabilitation or preservation is carried out.
C.
S-corporation claim for
cultural property credit.
(1) A
shareholder in a small business corporation may claim the shareholder's pro
rata share of the cultural property credit against New Mexico personal income
tax due. The total aggregate credit for all shareholders and other owners of a
property shall not exceed an amount equal to one-half the cost of restoration,
rehabilitation or preservation or twenty-five thousand dollars ($25,000) for a
single restoration, rehabilitation or preservation project for any cultural
property.
(2) A shareholder shall
claim the cultural property credit in the same manner as specified in
3.3.13.10B NMAC and shall, in addition, provide a schedule listing the names,
addresses and social security numbers of all shareholders in the corporation
and any other owners of the property, the pro rata share of the credit of each
shareholder and other owner(s) and the New Mexico tax identification number
under which the New Mexico income and franchise tax return for "S" Corporations
(CIT-2) is filed.
D.
Partnership claim for cultural property credit.
(1) A partner in a partnership or joint
venture may claim the partner's pro rata share of the cultural property credit
against New Mexico personal income tax due. The total aggregate credit for all
partners shall not exceed an amount equal to one-half the cost of restoration,
rehabilitation or preservation or twenty-five thousand dollars ($25,000) for a
single restoration, rehabilitation or preservation project for any cultural
property.
(2) A partner shall claim
the cultural property credit in the same manner as specified in 3.3.13.10B NMAC
and shall, in addition, provide a schedule listing the names, addresses and
social security numbers or federal employer identification numbers of all
partners in the partnership or joint venture, the pro rata share of the credit
of each partner and the New Mexico tax identification number under which the
partnership or joint venture is filing CRS-1 Forms.
