Form Cit-4 - New Mexico Preservation Of Cultural Property Credit

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Rev. 6/20/2013
State of New Mexico - Taxation and Revenue Department
NEW MEXICO PRESERVATION OF CULTURAL PROPERTY CREDIT
CIT-4
(Corporate Income Tax)
Name of owner
FEIN
SSN
CRS ID No.
Address
City / State / ZIP code
Physical address of property
City / State / ZIP code
As provided by the New Mexico Cultural Properties Review Committee:
Total amount approved for this project or
Date of Part 1 approval for project: ___________________
project phase: $___________________
Date of Part 2 approval for project: ___________________
If you are claiming the credit for more than one project, complete a separate CIT-4 form for each.
NOTE: Project or project phase must be completed within 24 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 or project phase been claimed in any other taxable year?
NO
YES
If YES, indicate year(s) ______________________________
SCHEDULE A
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.
Name
SSN
FEIN
Ownership Percentage
a. _____________________________________
________________ ________________ __________________
b. _____________________________________
________________ ________________ __________________
c. _____________________________________
________________ ________________ __________________
d. _____________________________________
________________ ________________ __________________
1. Project amount approved for the current tax year. .................................................................... $___________________
2. Project amount approved in prior years. ................................................................................... $___________________
3. Total amount approved for this project. (The sum of lines 1 and 2) .......................................... $___________________
%
50
4. Multiply by.................................................................................................................................. ___________________
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, 2009, if the cultural property is also certified as located within 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 allowed for claimant. If applicable, multiply line 5 by the claimant's ownership
percentage from Schedule A; otherwise, enter the amount from line 5. .................................. $___________________
7. Credit claimed by claimant in prior years for this project. ........................................................ $___________________
8. Credit available to the claimant during the current tax year. (Subtract line 7 from line 6) ......... $___________________
9. Credit applied to the current return. The credit applied may not exceed the amount of
New Mexico income tax (CIT-1, line 12 or S-Corp, line 4) ...................................................... $___________________
10. 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.
NOTE: Failure to attach this form and the appropriate approvals and certificates
to your New Mexico corporate income tax return will result in denial of the credit.

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