PIT-4
NEW MEXICO PRESERVATION OF CULTURAL PROPERTIES CREDIT (Personal Income Tax)
REV. 04/2008
Social Security Number or CRS I.D. Number
Name
Address
City / State / ZIP code
Physical address of property
City / State / ZIP code
As provided by the New Mexico Cultural Properties Review Committee:
Date of Part 1 approval for project: ___________________
Total amount approved for
this project: $ ____________________
Date of Part 2 approval for project: ___________________
If you are claiming the credit for more than one project, complete a separate PIT-4 form for each.
NOTE: Project 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.
Has credit for this project been claimed in any other taxable year?
NO
YES
If YES, indicate year(s) ______________________________
If the taxpayer is a member of a partnership, limited liability corporation, S corporation, joint venture or similar business as-
sociation, complete the following for each partner or member.
Name
CRS I.D. Number/SSN
Ownership Percentage
a.
_____________________________________ _________________________
________________________
b.
_____________________________________ _________________________
________________________
c.
_____________________________________ _________________________
________________________
1. Project amount approved this year ........................................................................................... $___________________
2. Project amount approved in prior years .................................................................................... $___________________
3. Total amount approved for this project (Line 1 plus Line 2) ...................................................... $___________________
50%
4. Multiply by ...................................................................................................................................
5. Enter the product of Line 3 x Line 4 OR $25,000, whichever is less. For tax years begin- ...... $___________________
ning on or after January 1, 2009, If the cultural property is also located with an arts and
cultural district, enter the product of Line 3 x Line 4 OR $50,000, whichever is less. This
is the maximum Cultural Properties Preservation Credit available.
6. Credit claimed in prior years ..................................................................................................... $___________________
7. Credit available this year (Line 5 minus Line 6) ........................................................................ $___________________
8. New Mexico tax liability (from Line 19, PIT-1 Form) prior to applying this credit ...................... $___________________
Enter the lesser of Line 7 or Line 8 of this form on Schedule PIT-CR.
9. Credit available for carryover (Line 7 minus Line 8) ................................................................. $___________________
Unused credits may be carried forward for four consecutive years from the taxable year of the initial claim.
NOTE: Failure to attach this form and the Part 2 approval from the New Mexico Cultural Properties
Review Committee to your income tax return will result in denial of the credit.