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HB 298: CULTURAL PROPERTY PRESERVATION TAX CREDIT

An Act Relating To Taxation; Providing A Credit Against Income Tax Liabilities For The Restoration, Rehabilitation Or Preservation Of Cultural Property That Is An Eligible Property Subject To The Main Street Act

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MILD HB 298
CULTURAL PROPERTY PRESERVATION TAX CREDIT

Legislative URL:
HB 298 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
- OTHER -
Action:
[9] HTRC/HAFC-HTRC [39] DP-HAFC- DP [50] PASSED/H (67-0) [44] SFC API.
Issue(s):

Companion Bills

Bills:
CULTURAL PROPERTY PRESERVATION TAX CREDIT

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
HTRC Committee Report
Final House Vote
Fiscal Impact Report
Summary

This measure amends the credit for the Preservation of Cultural Property Tax Credit, which applies to both personal and corporate income taxes, to provide that the currently existing higher level of credit ($50,000) is available for the restoration, rehabilitation and preservation of properties registered in the State Register of Cultural Properties that are also eligible properties subject to the Main Street Act or that the Main Street Revolving Loan Committee finds merit preservation pursuant to the Main Street Revolving Loan Act. The Main Street Act can be found at Sections 3-60B-1 through 4 NMSA 1978.

This bill is a companion to Senate Bill 239.

Outcome: HB 298 passed the House (67-0) and died in the Senate Finance Committee.

Date of Summary:  1/29/2013; Updated 5/21/13