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NEW MEXICO LAND CONSERVATION

STATE TAX BENEFITS

The New Mexico Land Conservancy provides the following as an informational resource to assist you as you consider placing your land under a conservation easement. We cannot provide tax and legal advice, and urge you to consult with your own tax and legal advisors.

In New Mexico, the donation of part or all of the value of a conservation easement may qualify the landowner for a tax credit against his or her New Mexico state income tax liability. Any portion of the tax credit which is not used in the year of the gift may be carried forward and used to offset a landowner’s New Mexico state income tax liability for up to 20 consecutive years until it is fully expended.

In 2007, Governor Bill Richardson signed HB990 - Real Property Transfers Tax Credit—into law. The Real Property Transfers Tax Credit expands the existing state tax credit currently allowed under the New Mexico Land Conservation Incentives Act for New Mexico taxpayers who donate land or easements for conservation purposes. The tax credit is 50% of the value of the donation, up to $250,000. But perhaps more importantly, the new legislation makes the tax credit transferable. To learn more about the tax credit, read our press release:  HB990PressRelease.pdf.

RESOURCES:

TAX BENEFITS

Learn more about conservation easements

Introduction

Federal Tax Benefits

NM State Tax Benefits

Estate Tax Benefits

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