Land Conservation Incentives

NMSA 1978 ch. 75, art. 9

in effect

NMSA 1978, § 75-9-1 Short title

75-9-1. Short title Sections 1 through 6 [75-9-1 to 75-9-6 NMSA 1978] of this act may be cited as the "Land Conservation Incentives Act". Laws 2003, ch. 331, § 1.

NMSA 1978, § 75-9-2 Purpose

75-9-2. Purpose The purpose of the Land Conservation Incentives Act is to encourage private landowners to be stewards of lands that are important habitat areas or contain significant natural, open space and historic resources by providing private landowners with incentives that encourage the protection of private lands for open space, natural resources, biodiversity conservation, outdoor recreation, farmland and forest land preservation, historic preservation and land conservation purposes. Laws 2003, ch. 331, § 2.

NMSA 1978, § 75-9-3 Definitions

75-9-3. Definitions As used in the Land Conservation Incentives Act: A. "interest in real property" means a right in real property, including access, improvements, water rights, fee simple interest, easement and land use easement. The interest shall comply with the requirements of the Section 170(h) of the Internal Revenue Code of 1986, partial interest, mineral right, remainder or future interest or other interest or right in real property; B. "land" means real property, including rights of way, easements, privileges and all other rights or interests of a land or description relating to or connected with real property; and C. "public or private conservation agency" means a governmental body or a private not-for-profit charitable corporation or trust authorized to do business in New Mexico that is organized and operated for natural resources, land conservation or historic preservation purposes and that has tax-exempt status as a public charity under the federal Internal Revenue Code of 1986, and the power to acquire, hold or maintain land or interests in land. Laws 2003, ch. 331, § 3.

NMSA 1978, § 75-9-4 Administration

75-9-4. Administration A. The Land Conservation Incentives Act shall be administered by the secretary of energy, minerals and natural resources in consultation with the committee established pursuant to the Natural Lands Protection Act [75-5-1 to 75-5-6 NMSA 1978]. B. The secretary of energy, minerals and natural resources may promulgate rules as may be deemed necessary to certify eligible projects for treatment in fulfillment of the purposes of this act. The secretary of taxation and revenue, in consultation with the secretary of energy, minerals and natural resources, shall promulgate rules as may be deemed necessary to administer the tax incentives provided for in the Land Conservation Incentives Act and shall coordinate the preparation of the report to the legislature showing the fiscal impact on the treasury of the credits claimed pursuant to that act. Laws 2003, ch. 331, § 4.

NMSA 1978, § 75-9-5 Applicability and limitations

75-9-5. Applicability and limitations A. The tax credits provided by the Land Conservation Incentives Act apply to transfers of land or interests therein in taxable years beginning on or after January 1, 2004 and all taxable years thereafter. B. A taxpayer claiming a tax credit pursuant to the Land Conservation Incentives Act may not claim a credit pursuant to a similar law for costs related to the same project. C. A tax credit that is claimed pursuant to the Land Conservation Incentives Act from the donation of land or an interest in land made by a pass-through tax entity, such as a trust, estate, partnership, limited liability corporation or partnership, limited partnership, S corporation or other fiduciary, shall be used either by an entity in the event it is the taxpayer on behalf of the entity or by the member, manager, partner, shareholder or beneficiary, as the case may be, in proportion to his interest in the entity in the event that income, deductions and tax liability pass through the entity to the member, manager, partner, shareholder or beneficiary. Tax credits may not be claimed by both the entity and the member, manager, partner, shareholder or beneficiary for the same donation. Laws 2003, ch. 331, § 5.

NMSA 1978, § 75-9-6 Interpretation

75-9-6. Interpretation No part or segment of the Land Conservation Incentives Act shall be interpreted to alter or amend permit requirements, reporting requirements, allocation procedures or other requirements as set forth in any other provision of state law. Laws 2003, ch. 331, § 6.

Source: New Mexico Compilation Commission (nmonesource.com)URL: https://nmonesource.com/nmos/nmsa-unanno/en/item/18578/index.doFetched: 10/20/2026