Form PIT-4 Preservation of Cultural Properties Credit

827 0168 Rich williams@state nm us 827 6320 www nmhistoricpreservation org (505) 2009 if the property is also certified by the state coordinator of New Mexico arts and cultural districts as being located within the boundaries of a state certified or municipally certified arts and cultural district enter the 5 Enter the product of line 3 x line 4 OR $25 000 whichever is less For tax years beginning A husband and wife who file separate returns for a reporting period in which they could have filed a joint return may each A If one or more members/owners of a partnership limited liability corporation S corporation joint venture or similar business association the claimant may only claim an amount of a credit in proportion to the claimant's A taxpayer who files a New Mexico personal income tax return and who is not a dependent of another individual and who is ABOUT THIS CREDIT: The credit for preservation of cultural property is 50% of the approved eligible costs of a project Address City / State / ZIP code amount of net New Mexico income tax from Form PIT 1 line 22 computed before applying the credit Line 10 Credit available to the claimant for carry forward to subsequent years Subtract line 9 from line 8 and claiming the credit on their return Line 7 Credit claimed by the claimant in prior years for this project Enter the amount of credit claimed in previous and cultural district enter the product of line 3 x line 4 OR $50 000 whichever is less As provided by the New Mexico Cultural Properties Review Committee: Call (505) 827 0825 for assistance claiming the credit claim only one half of the credit that would have been allowed on a joint return CONTACTS: corporation S corporation joint venture or similar business association If additional space is needed attach a separate Credit allowed for claimant If applicable multiply line 5 by the claimant's ownership percentage from Schedule A; otherwise enter the amount from line 5 $ Credit applied to the current return The credit applied may not exceed the amount of net New Mexico income tax (line 22 Form PIT 1) computed before applying this credit $ Credit available to the claimant during the current tax year (Subtract line 7 from line 6) $ Credit available to the claimant for carryover (Subtract line 9 from line 8) $ Unused credits may be carried forward for four consecutive years from the taxable year of the initial claim Credit claimed by claimant in prior years for this project $ Date of Part 1 approval for project: Total amount approved for this project or Date of Part 2 approval for project: project phase: $ For information related to claiming the credit for preservation of cultural property against personal income tax contact: for the restoration rehabilitation or preservation of cultural properties listed on the official New Mexico Register of Cultural Properties not to exceed $25 000 For tax years beginning on or after January 1 2009 if the property is also certified by the state coordinator of the New Mexico Arts and Cultural Districts as located within the boundaries of a state certified or municipally certified arts and cultural district pursuant to the Arts and Cultural District Act a maximum of $50 000 credit Has credit for this project or project phase been claimed in any other taxable year? NO HOW TO APPLY FOR THIS CREDIT: A taxpayer may claim this credit by attaching a completed Form PIT 4 to the personal income tax return or the Fiduciary income tax return for the current year Also attach the Part 2 approval issued by the New HOW TO COMPLETE THIS FORM: Complete all information requested in the address block Enter the dates part 1 and If claiming the credit on the fiduciary income tax return mail the tax return and attachment to the address on Form FID 1 If the property upon which the project is performed is owned by one or more members of a partnership limited liability cor poration S corporation joint venture or similar business association complete the following for each member or owner If you are claiming the credit for more than one project complete a separate PIT 4 form for each INSTRUCTIONS interest in the business association The claimant is the taxpayer who is filing the New Mexico income tax return Line 1 Enter amount of the project or the comittee approved project phase that was approved for the current tax year Line 2 Enter amount approved for the project in prior tax years if applicable Line 3 Enter the sum of lines 1 and 2 This is the total amount approved for this project Line 4 Multiply line 3 by 50% Line 5 Enter the product of line 3 x line 4 or $25 000 whichever is less For tax years beginning on or after January 1 Mail the tax return and attachments to: New Mexico Taxation and Revenue Department P O Box 25122 Santa Fe NM 87504 5122 Mexico Cultural Properties Review Committee If applicable you will also need to attach the certified statement from the Multiply by 50 % Name of owner Social Security Number (SSN) CRS I D Number Name SSN CRS I D Number Ownership Percentage New Mexico Department of Cultural Affairs Historic Preservation Division Tax Credit Programs 407 Galisteo Street Suite 236 Santa Fe NM 87501 NEW MEXICO PRESERVATION OF CULTURAL PROPERTIES CREDIT (Personal Income Tax) NEW MEXICO PRESERVATION OF CULTURAL PROPERTIES CREDIT (Personal Income Tax) New Mexico Taxation and Revenue Department at (505) 827 0827 in Santa Fe NM NOTE: Failure to attach this form and the appropriate approvals and certificates NOTE: Project or project phase must be completed within twenty four months of the day it was approved by the Cultural Properties Review Committee For assistance call the Historic Preservation Division (505) 827 6320 NOTE: The amount of the credit to be applied to the current return is reported on Schedule PIT CR or FID CR on or after January 1 2009 if the cultural property is also certified as located within an arts or similar business association that has qualified for the preservation of cultural properties credit may claim the credit in or your local district office page 1 page 2 part 2 were approved and the total amount approved for the project or project phase Physical address of property City / State / ZIP code PIT 4 PIT 4 product of line 3 x line 4 or $50 000 whichever is less Line 6 Credit allowed for claimant If applicable multiply line 5 by the claimant's ownership percentage from Schedule Project amount approved for the current tax year $ Project amount approved in prior years $ proportion to the taxpayer's interest in the business association The member/owner must complete Schedule A A taxpayer may claim this credit if: Rev 5/31/2012 Rev 5/31/2012 SCHEDULE A Schedule A Complete this section if the project is owned by one or more members/owners of a partnership limited liability State Coordinator of New Mexico Arts and Cultural Districts Economic Development Department 1100 S St Francis Drive Santa Fe NM 87503 state coordinator of New Mexico arts and cultural districts The claim must be submitted with the tax return for the year in which the restoration rehabilitation or preservation is carried out the owner of the cultural property may claim the credit A member/owner of a partnership LLC S corporation joint venture the project is completed within 24 months of the date the project is approved by the CPRC the taxpayer received certification from the CPRC after completing the restoration rehabilitation or preservation or committee approved phase that it conformed to the plan and specifications and preserved and maintained those quali ties of the property that made it eligible for inclusion in the official register; and the taxpayer submitted a plan and specifications for restoration rehabilitation or preservation to the Cultural Properties Review Committee (CPRC) and received approval from the CPRC for the plan and specifications prior to commence ment of the restoration rehabilitation or preservation; This is the maximum Cultural Properties Preservation Credit available $ to your New Mexico personal income tax return will result in denial of the credit Total amount approved for this project (The sum of lines 1 and 2) $ will be allowed Any portion of the credit that remains unused at the end of the taxpayer's reporting period may be carried forward for four consecutive years years for this project Line 8 Credit available to the claimant during the current tax year Subtract line 7 from line 6 Line 9 Credit applied to the current tax year The credit applied to the current tax year cannot exceed line 8 or the YES If YES indicate year(s)