PIT-4: PIT-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 PIT-4 is used to claim the Preservation of Cultural Property Credit for approved restoration, rehabilitation, or preservation projects. It reports approved project amounts, the claimant's share of the credit, credit used in prior years, the amount applied to the c
Who files this form
Use PIT-4 to claim the New Mexico Preservation of Cultural Property Credit. A taxpayer who files a New Mexico personal income tax return may qualify if they own the cultural property and are not another individual's dependent.
The property must be listed on the official New Mexico Register of Cultural Properties. To qualify:
- The Cultural Properties Review Committee (CPRC) must approve the restoration, rehabilitation or preservation plan and specifications before work begins.
- After completion, the CPRC must certify that the work or approved phase followed the plan and preserved the property's qualifying qualities.
- The project must be completed within 24 months of CPRC approval.
Members or owners of a qualifying partnership, LLC, S corporation, joint venture or similar business association may claim a credit proportional to their ownership interest. They must complete Schedule A.
What you'll need
Have these records ready:
- Owner's name, SSN, NMBTIN, mailing address and the property's physical address.
- Part 1 and Part 2 approval dates, approved project amounts, and the Credit Approval Number or log number from the Historic Preservation Division's project approval document. Both approvals must be obtained before claiming the credit.
- Records of project amounts approved and credits claimed in prior years.
- Net New Mexico Income Tax from PIT-1, before applying this credit.
- For Schedule A, each applicable member or owner's name, SSN, NMBTIN and ownership percentage.
Attach the completed PIT-4 and CPRC Part 2 approval to the 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 prior-year claim question. Use a separate PIT-4 for each project.
- Complete Schedule A if applicable. Attach another page if you need more space.
- Complete lines 1 through 10 to calculate the credit, subtract prior claims and determine any carryforward. The credit applied to the current return cannot exceed either line 8 or the Net New Mexico Income Tax on PIT-1 before this credit.
- Report the credit applied to the current return on Schedule PIT-CR or FID-CR.
- Attach PIT-4, Part 2 approval and any applicable arts and cultural district certification to the personal income tax or fiduciary income 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 25122
Santa Fe, NM 87504-5122
Common mistakes
- Leaving out required attachments. The form warns that failing to attach PIT-4 and the appropriate approvals and certificates will result in denial of the credit.
- Combining projects on one form. Complete a separate PIT-4 for each project.
- Missing the project completion requirement. The project or project phase must be completed within 24 months of CPRC approval.
- Not reporting the applied credit on the credit schedule. The form reminds claimants to report the amount applied to the current return on Schedule PIT-CR or FID-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 also has the required certification showing it is 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 if spouses file separate returns?
Married individuals who file separately for a reporting period when they could have filed jointly may each claim only half of the credit that would have been allowed on a joint return.
Where can I get help?
For project assistance, call the Historic Preservation Division at (505) 827-6320. For questions about claiming the credit against personal income tax, call the New Mexico Taxation and Revenue Department at (505) 827-0792.