Rev. 09/13/2016
                                               State of New Mexico Taxation and Revenue Department

                                          NEW MEXICO PRESERVATION OF CULTURAL PROPERTY CREDIT
                  2016                    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: 

Date of Part 1 approval for project: ________________            Total amount approved for this project or project phase:  $_______________

Date of Part 2 approval for project:  _______________            Credit Approval Number (see the instructions):________________________
                        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 (CPRC). 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) ..........................................$___________________
4.  Multiply by..................................................................................................................................   ___________________50 %  
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. 

Rev. 09/13/2016
                                                State of New Mexico - Taxation and Revenue Department

                          NEW MEXICO PRESERVATION OF CULTURAL PROPERTY CREDIT
2016                   CIT-4                    (Corporate Income Tax) INSTRUCTIONS
                                                                                                            page1 of 2                 

ABOUT THIS CREDIT: The credit for preservation of cultural property is 50% of the approved eligible costs of a project 
for the restoration, rehabilitation, or preservation of cultural properties listed on the official New Mexico Register of Cultural 
Properties, not to exceed $25,000.  For tax years beginning on or after January 1, 2009, if the property is also certified by 
the state coordinator of the New Mexico Arts and Cultural Districts as located within the boundaries of a state-certified or 
municipally-certified arts and cultural district, pursuant to the Arts and Cultural District Act, a maximum of $50,000 credit 
will be allowed. Any portion of the credit that remains unused at the end of the taxpayer's reporting period may be carried 
forward for four consecutive years.  

A taxpayer who files a New Mexico corporate income and franchise tax return and who is the owner of the cultural property 
may claim the credit. A member/owner of a partnership, LLC, S corporation, joint venture or similar business association that 
has qualified for the preservation of cultural properties credit, may claim the credit in proportion to the taxpayer's interest in 
the business association. The member/owner must complete Schedule A.

A taxpayer may claim this credit if:
1.  The taxpayer submitted a plan and specifications for restoration, rehabilitation, or preservation to the CPRC and re-
 ceived approval from the CPRC for the plan and specifications prior to commencement of the restoration, rehabilitation 
 or preservation;
2.  The taxpayer received certification from the CPRC after completing the restoration, rehabilitation or preservation, or 
 committee-approved phase, that it conformed to the plan and specifications and preserved and maintained those quali-
 ties of the property that made it eligible for inclusion in the official register; and
3.  The project is completed within 24 months of the date the project is approved by the CPRC.

HOW TO COMPLETE THIS FORM:  Complete all information requested in the address block. Enter the dates part 1 and 
part 2 were approved and the total amount approved for the project or project phase. Enter the Credit Approval Number, or 
the log number shown on the project approval document issued to you by the Historic Preservation Division. 

Part 1 approval is CPRC's approval of the plan and specifications. Part 2 approval is CPRC's certification of completion in 
conformity with the plan and specifications. Both approvals must be obtained before claiming this credit.

Schedule A. Complete this section if the project is owned by one or more members/owners of a partnership, limited liability 
corporation, S corporation, joint venture or similar business association. If additional space is needed, attach a separate 
page. 
Line 1.        Enter amount of the project or the comittee-approved project phase that was approved for the current tax year.
Line 2.        Enter the amount approved for the project in prior tax years, if applicable.
Line 3.        Enter the sum of lines 1 and 2. This is the total amount approved for this project.
Line 4.        Multiply line 3 by 50%.
Line 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 property is also certified by the state coordinator of New Mexico arts and cultural districts as being 
               located within the boundaries of a state-certified or municipally-certified arts and cultural district, enter the 
               product of line 3 x line 4 or $50,000, whichever is less.
Line 6.        Credit allowed for claimant. If applicable, multiply line 5 by the claimant's ownership percentage from Schedule  
               A. If one or more members/owners of a partnership, limited liability corporation, S corporation, joint venture or
               similar business association, the claimant may only claim an amount of a credit in proportion to the claimant's
               interest in the business association. The claimant is the taxpayer who is filing the New Mexico income tax return   
               and claiming the credit on their return.
Line 7.        Credit claimed by the claimant in prior years for this project. Enter the amount of credit claimed in previous     
               years, for this project. 
Line 8.        Credit available to the claimant during the current tax year. Subtract line 7 from line 6.
Line 9.        Credit applied to the current tax year. The credit applied to the current tax year, cannot exceed line 8, or the    

Rev. 09/13/2016                     State of New Mexico - Taxation and Revenue Department

                                NEW MEXICO PRESERVATION OF CULTURAL PROPERTY CREDIT
2016                     CIT-4      (Corporate Income Tax) INSTRUCTIONS

                                                                                                                      page 2 of 2                 

                amount of New Mexico income tax, from CIT-1, line 12 or S-Corp, line 4.   
Line 10.        Credit available to the claimant for carry forward to subsequent years. Subtract line 9 from line 8.  

 NOTE:  The amount of the credit to be applied to the current return is reported on Schedule CIT-CR or S-Corp-CR.  

HOW TO APPLY FOR THIS CREDIT:  A taxpayer may claim this credit by attaching a completed CIT-4 to the corporate 
income and franchise tax return for the current year. Also attach the Part 2 approval, issued by the New Mexico CPRC. If 
applicable, you will also need to attach the certified statement from the state coordinator of New Mexico arts and cultural 
districts. The claim must be submitted with the tax return for the year in which the restoration, rehabilitation or preservation 
is carried out.  

Mail the tax return and attachments to:   New Mexico Taxation and Revenue Department, 
                                     P.O. Box 25127 
                                     Santa Fe, NM  87504-5127  

                         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. 

CONTACTS:  

For the New Mexico CPRC, contact:

Department of Cultural Affairs
NM Historic Preservation Division
407 Galisteo Street, Suite 236
Santa Fe, NM 87501
(505) 827-6320
www.nmhistoricpreservation.org

Economic Development Department
1100 S. St. Francis Drive
Santa Fe, NM 87503

For information related to claiming the credit for preservation of cultural property against corporate income tax, contact:

New Mexico Taxation and Revenue Department
at (505) 827-0792 in Santa Fe, NM
or your local district office