State historic tax credit programs

New Mexico Income Tax Credit for Registered Cultural Properties Program

Program overview:

The state tax credit is equal to 50 percent of qualified expenditures for all properties listed in the State Register Cultural Properties.

Project cap:
$25,000 outside an Arts and Cultural District.
$50,000 located within an Arts and Cultural District.

Program details:

  • Carry forward: 4 years (compliance period is 5 years).
  • Apply separately for the state and federal credits.
  • In case of the removal of the property from the register by the committee because of unauthorized or improper alteration or preservation technique which destroys the significant qualities of the structure, or by reason of destruction or loss of the property, or for any other reason which makes a property ineligible for continued listing on the register, the division will inform the taxation and revenue department that no further credit may be claimed by that owner for that project.
  • The State Cultural Properties Review Committee (CPRC) must approve the proposed rehabilitation prior to the beginning of the project.
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