New Mexico State Affordable Housing Tax Credits
Santa Fe Habitat for Humanity has been awarded charitable state tax credits equal to 50% of the value of donations for affordable housing projects approved by the New Mexico Mortgage Finance Authority. With New Mexico State Tax Credits, you will receive 50% of your donation back in the form of a tax credit from the State of New Mexico. This tax credit can be used with personal and corporate income taxes, sales tax, gross receipts tax and/or other state tax debt for 2020.
Here’s How It Works
Santa Fe Habitat for Humanity requires a minimum donation of $500 or more to be eligible for the 2020 tax credit program. You will receive a tax credit voucher equal to 50% of your total donation(s) for the year. This tax credit will directly reduce your New Mexico tax debt. You may also choose to carry over the tax credits for up to 5 years or transfer them (one time only) to someone else. In addition to the New Mexico tax credits, you may be able to claim a charitable deduction on your federal tax return for the full contribution amount.
Affordable Housing Tax Credits for 2020 processing takes up to one to two months. Please submit 2020 vouchers to Santa Fe Habitat by February 21, 2021. It’s best to apply early to process them this tax year. Otherwise, the credits may need to be processed in another year. The credits can carry over for up to 5 years.