Historic Tax Credit Programs

Tax Credit Available

Homeowners may benefit from the New Mexico 50% Rehabilitation Tax Credit. If a property is listed on the State Register of Cultural Properties or classified as a contributing property within a historic district listed on the State Register, the property owner may receive a state income tax credit for qualified rehabilitation work.

How It Works

The State must review and approve the proposed project both before and after the work is done to ensure that it meets certain standards. The credit applies to one-half of the eligible costs of qualified work with a maximum credit of $25,000. For more details, see the website below or ask City staff for a brochure.

New Mexico Historic Preservation Division
Department of Cultural Affairs
Bataan Memorial Building, 407 Galisteo Street, Suite 236, Santa Fe, NM 87501

Federal income tax credits: owners of income producing properties may also be eligible for a federal income tax credit for a rehabilitation project. The federal income tax credit allows up to 20% of the eligible costs in a rehabilitation project to be claims against federal income tax liability. For information on this project, contact the New Mexico Historic Preservation Division at the number or website listed above.

Resources

Historic Preservation Planner: 505-924-3927