MILD
SB 414
CULTURAL PROPERTY TAX CREDIT CHANGES
- Legislative URL:
- SB 414 on nmlegis.gov
- Emergency Clause:
- No
- Germane:
- N/A
- Location:
- SCORC
- Action:
- [4] SCORC/SFC-SCORC [22] DP-SFC API.
- Issue(s):
- General Interest
Companion Bills
Related Legislators
- Bill Sponsor:
- Clemente Sanchez
Related Documents
- Downloads:
-
Introduced
SCORC Committee Report
Fiscal Impact Report
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.