Bill > SB414

This bill establishes a "preservation of cultural property income tax credit" for individuals and a similar credit for corporations, both aimed at encouraging the restoration, rehabilitation, and preservation of properties listed on the official New Mexico register of cultural properties. The credits are calculated as a percentage of project costs, with varying rates depending on whether the property is residential or commercial, and if it's located in a certified arts and cultural district, a frontier community, or subject to the Main Street Act. There are specific caps on the credit amount per project and an annual aggregate limit of $1.5 million for both individual and corporate credits combined, with unused credits potentially rolling over to subsequent years. To qualify, projects must be approved by the cultural properties review committee (referred to as the "committee") before commencement and certified upon completion, with a 24-month deadline for project completion. The credits can be claimed for up to ten consecutive years, and any credit amount exceeding a taxpayer's liability will be refunded. The bill also mandates annual reporting on the effectiveness and cost of these tax credits.