CIT-4: CIT-4 Preservation of Cultural Property Credit Form (Revision 2020-07)
New Mexico · New Mexico TRD · Used for tax years 2024, 2025, 2026
New Mexico Form CIT-4 calculates the Preservation of Cultural Property Credit for corporate income tax. It reports approved project amounts, the claimant’s share of the credit, credits claimed in prior years, the amount applied to the current return, and any remaining credit avai
Who files this form
Use CIT-4 to claim the Preservation of Cultural Property Credit if you file a New Mexico corporate income and franchise tax return and own qualifying cultural property listed on the official New Mexico Register of Cultural Properties.
To qualify:
- The Cultural Properties Review Committee (CPRC) must approve your restoration, rehabilitation, or preservation plan before work begins.
- After completion, the CPRC must certify that the project or approved phase conformed to the approved plan and preserved the property's qualifying features.
- The project must be completed within 24 months of CPRC approval.
A member or owner of a qualifying partnership, LLC, S corporation, joint venture, or similar business association may claim a credit proportional to their ownership interest and must complete Schedule A.
What you'll need
Have the following information and documents ready:
- Owner identification, tax identification numbers, mailing address, and the property's physical address.
- Part 1 and Part 2 approval dates, the approved project amount, and the Credit Approval Number or log number from the Historic Preservation Division's approval document. Both approvals must be obtained before claiming the credit.
- Amounts approved and credits claimed for this project in prior years, if any.
- Member or owner names, SSNs, FEINs, and ownership percentages for Schedule A, if applicable. Attach a separate page if more space is needed.
Attach the completed CIT-4 and CPRC Part 2 approval to your corporate income and franchise tax return. If applicable, also attach the certified statement from the state coordinator of New Mexico arts and cultural districts.
How to file
Complete the owner and property information, approval details, and Schedule A if applicable. Calculate the credit on lines 1 through 10, accounting for your ownership share and any credit claimed in prior years.
Report the credit applied to the current return on Schedule CIT-CR or S-Corp-CR. The amount applied cannot exceed the credit available on line 8 or the New Mexico income tax reported on CIT-1 or S-Corp.
Attach CIT-4, Part 2 approval, and any applicable arts and cultural district certification to your corporate income and franchise tax return. Submit the claim with the return for the year in which the restoration, rehabilitation, or preservation is carried out.
Mail the return and attachments to:
New Mexico Taxation and Revenue Department
P.O. Box 25127
Santa Fe, NM 87504-5127
Common mistakes
- Missing attachments: The form warns that failing to attach CIT-4 and the appropriate approvals and certificates will result in denial of the credit.
- Combining projects on one form: Complete a separate CIT-4 for each project.
- Missing the project completion window: The project or approved phase must be completed within 24 months of CPRC approval.
- Leaving the credit off the credit schedule: Report the amount applied to the current return on Schedule CIT-CR or S-Corp-CR.
Questions people ask
How much is the credit?
The credit is 50% of approved eligible project costs, up to $25,000. For tax years beginning on or after January 1, 2009, the maximum is $50,000 if the property is also certified by the state coordinator as located within a state-certified or municipally-certified arts and cultural district.
Can I carry unused credit forward?
Yes. Unused credit may be carried forward for four consecutive years from the taxable year of the initial claim.
What are Part 1 and Part 2 approvals?
Part 1 is CPRC approval of the plan and specifications. Part 2 is CPRC certification that the completed work conforms to that plan. You must obtain both before claiming the credit.
Where can I get help?
For project assistance, call the Historic Preservation Division at (505) 827-6320. For questions about claiming the credit against corporate income tax, call the New Mexico Taxation and Revenue Department at (505) 827-0792.