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 corporate income tax due for amounts expended in the restoration,
rehabilitation and preservation of cultural property owned by the taxpayer and
listed on the official New Mexico register of cultural properties; see Part
4.10.9 NMAC. A corporation that files a New Mexico corporate income tax return
may claim a credit against New Mexico corporate income tax due 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 corporate income tax return for the year or years in
which the restoration, rehabilitation or preservation is carried out.
C. Partnership claim for cultural
property credit.
(1) A corporation which is a
partner in a partnership or in a joint venture may claim its pro rata share of
the cultural property credit against its New Mexico corporate income tax due.
The total aggregate credit for all partners shall not exceed an amount equal to
the lesser of one-half the cost of the 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 corporate partner
shall claim the cultural property credit in the same manner as specified in
Subsection 3.4.14.8B 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.
