Downtown Property Improvement Incentives

 

 

 

 

 

Silver City’s MainStreet district is a certified National Register Historic District and Arts and Cultural District. Because of these two designations and as a property owner in these two districts you can access specific tax incentive programs administered by NM Historic Preservation Division. We have summarized these programs and provided direct links to specific programs. We would be happy to go over these incentives by contacting the Silver City MainStreet office.  If you are planning on investing in the Historic district, you should review these programs to make sure you are getting the biggest bang for your buck.

 

 

 

 

 

NM State Income Tax Credit for Registered Cultural Properties

 

 

 

 

 

If your property is either individually listed in the State Register of Cultural Properties or is listed as contributing to a Historic District that is listed in the State Register, and it still retains its historic character and integrity, pre-approved eligible rehabilitation expenses may earn a credit against New Mexico State Income Tax owed equal to 50% of the expenses, up to a tax credit limit of $25,000, once the rehab is completed and the finished work is approved. The credit can be used for the tax year in which the project is completed and, if not all used, carried forward an additional 4 years unless used up earlier.

 

 

 

To participate in the program it is necessary to complete a Part 1 application and submit it with photos, a detailed work description, and contractor’s estimates to New Mexico Historic Preservation Division . All decisions are made by the state’s Cultural Properties Review Committee (CPRC), which meets every even-numbered month. See http://www.nmhistoricpreservation.org/cprc.html   Application deadlines are 14 days prior to each meeting.  

 

 

 

The type of work that can earn you credit is typically rehab and repair of actual existing historic materials and features or some code-required work items that keep the building safe and in service. Re-roofing typically is an eligible expense as is re-wiring, rough plumbing, and repair of historic windows. Remodeling such as removal of walls, construction of new walls or additions, landscape work and new cabinetry is not usually eligible. The approval period for a project is 24-months from the date of CPRC Part 1 approval. There is more information at:

 

 

 

http://www.nmhistoricpreservation.org/programs/tax-credits.html   and http://www.nmhistoricpreservation.org/programs/incentives.html

 

 

 

The application forms are here:

 

 

 

http://www.nmhistoricpreservation.org/documents/grants-loans-and-tax-credits-documents.html

 

 

 

It is necessary to submit the actual paper application and other materials (especially photos).

 

 

 

There is some good general historic preservation advice available online at:

 

 

 

http://www.nps.gov/tps/education/free-pubs.htm

 

 

 

The Preservation Briefs contain a lot of good information. That page is on the National Park Service’s (NPS) website for info about the Federal Income Tax Credit for Rehabilitation. We also administer that program in partnership with the NPS. It is for major rehabilitation of income-producing buildings listed (or contributing to a listed historic district) in the National Register of Historic Places and the federal income tax credit is up to 20% of the rehab expenses, with no upper limit. More information may be found on the NPS website at:

 

 

 

http://www.nps.gov/tps/tax-incentives.htm

 

 

 

The standards followed by both the state and federal programs can be found at:

 

 

 

http://www.nps.gov/tps/standards/rehabilitation.htm

 

 

 

For additional information, please contact:

 

Harvey Kaplan

 

Architectural Review Staff & Tax Credit Programs

 

New Mexico Historic Preservation Division

 

407 Galisteo Street, Suite 236

 

Santa Fe, NM 87501

 

www.nmhistoricpreservation.org

 

NM HPD:        505-827-6320

 

NM HPD Fax: 505-827-6338

 

HK Direct:       505-827-3971

 

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