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HB 583: CULTURAL PROPERTY TAX CREDIT PROVISIONS

An Act Relating To Taxation; Modifying Provisions Of The Cultural Property Income Tax Credits; Repealing And Reenacting Sections Of The Nmsa 1978.

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MILD HB 583
CULTURAL PROPERTY TAX CREDIT PROVISIONS

Legislative URL:
HB 583 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
HWMC
Action:
[15] HRPAC/HWMC-HRPAC [25] DP-HWMC API.
Issue(s):

Companion Bills

Bills:
CULTURAL PROPERTY TAX CREDIT CHANGES

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
HRPAC Committee Report
Fiscal Impact Report

Related Events

Upcoming:
Summary

This bill enacts the Preservation of Cultural Property Income Tax Credit and the Preservation of Cultural Property Corporate Income Tax Credit to encourage the restoration, rehabilitation and preservation of cultural properties.

 

The Preservation of Cultural Property Income Tax Credit allows an individual income tax payer who is the owner of a cultural property listed on the official New Mexico Register of Cultural Properties to apply for an income tax credit of as much as 50 percent of the cost of a restoration, rehabilitation or preservation project.

 

The Preservation of Cultural Property Corporate Income Tax Credit allows a corporate taxpayer that is the owner of a cultural property listed on the official New Mexico Register of Cultural Properties to apply for a corporate income tax credit of as much as 50 percent of the cost of a restoration, rehabilitation or preservation project.

 

The Taxation and Revenue Department may allow a maximum annual aggregate of $1,500,000 in preservation of cultural property income tax credits and preservation of cultural property corporate income tax credits per year.

 

A possible benefit of this bill might be enhanced aesthetics and property values in neighborhoods and business districts where the restoration, rehabilitation and preservation of cultural properties is encouraged by the availability of the tax credits.