SB 199: 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 SB 199
CULTURAL PROPERTY TAX CREDIT PROVISIONS

Legislative URL:

SB 199 on nmlegis.gov

Emergency Clause:

No

Germane:

Yes

Location:

SCORC

Action:

[3] SCC/SCORC/SFC-SCC [4]germane-SCORC API.

Issue(s):

General Interest

Related Legislators

Bill Sponsor:

Clemente Sanchez

Related Documents

Downloads:

Introduced
SCC Committee Report
Fiscal Impact Report

Related Events

Upcoming:

SENATE CORPORATIONS AND TRANSPORTATION COMMITTEE 2:00 pm or 1/2 hr after session

Summary

This bill expands, for certain commercial properties, the Preservation of Cultural Property Income Tax Credit and the Preservation of Cultural Property Corporate Income Tax Credit for the restoration, rehabilitation and preservation of properties that are listed on the New Mexico Register of Cultural Properties.

The current tax credits are capped at 50 percent of the cost of a project up to a maximum of $25-50,000. Those caps remain unchanged in this bill for most residential and commercial properties. However, for a project on a commercial property that is located within a certified arts and cultural district or a designated frontier community, or that is subject to the provisions of the Main Street Act, the expanded credit may be as high as $285,000 for a project costing $1,000,000 or more.

The Taxation and Revenue Department may allow a (unchanged from the current statute) 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 business districts where the restoration, rehabilitation and preservation of commercial cultural properties is encouraged by the availability of expanded tax credits.