Bill > SB199

This bill establishes a new "preservation of cultural property income tax credit" for individuals and a similar credit for corporations, both effective for taxable years beginning on or after January 1, 2016, to encourage the restoration and preservation of properties listed on the official New Mexico register of cultural properties. The credit is calculated as a percentage of the project's cost, with varying rates and caps depending on whether the property is residential or commercial, and if it's located within a certified arts and cultural district, a designated frontier community, or subject to the Main Street Act. Projects must be approved by the cultural properties review committee (referred to as the "committee") before work begins and certified upon completion, with a 24-month deadline for project completion. There's an annual aggregate limit of $1.5 million for both individual and corporate credits combined, and applications are processed in the order they are received, with excess applications carried over to subsequent years. Unused portions of the credit can be refunded to the taxpayer, and married individuals filing separately can claim half the credit each. The bill also mandates an annual report to legislative committees detailing the credit's usage and effectiveness.