In 2007, the state of New Mexico passed new legislation that expanded the state tax credit already allowed under the New Mexico Land Conservation Incentives Act for conservation easements. The new law, called HB990 – Real Property Transfers Tax Credit, is very similar to Colorado’s popular conservation tax credit program, allowing New Mexico landowners to get cash back for protecting their properties with a conservation easement.
Other highlights of the bill include:
- Tax credit will continue to be for 50% of the value of the donation
- HB990 increases maximum credit from $100,000 to $250,000
- The credit is now transferable, making conservation easements a more viable option for farmers and ranchers
For more information, contact these institutions:
Or view the bill on the New Mexico Legislature website.
Source: New Mexico Land Conservancy
Photo: Rancho Cañada, a ranch for sale in Guadalupita, NM.