N.M. Code R. § 3.4.14.8 – Credit for Preservation of Cultural Property

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. (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. (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. (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. (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.
  [5/17/1988, 9/16/1988, 1/7/1992, 1/15/1997; 3.4.14.8 NMAC - Rn & A, 3 NMAC 4.14.8, 12/14/2000]