New Mexico Economic Development Department. All Rights Reserved.
Public Law 115-97, also known as the Tax Cuts and Jobs Act of 2017, provides for the governor of each state to nominate certain census tracts as “Opportunity Zones”. Designation as an Opportunity Zone allows for the creation of a new class of investment vehicle with tax advantages authorized to aggregate and deploy private investment located in Opportunity Zones. The purpose of these tax advantages is to attract capital investment into economically distressed areas.
On Friday, May 18, 2018, the Department of the Treasury designated 63 Opportunity Zones in New Mexico. New Mexico’s Opportunity Zones are located in rural, tribal and urban communities in 22 counties. Qualified Opportunity Zones retain this designation for 10 years.
NMEDD has created an online hub to assist with education, technical assistance and making connections for businesses, investors, communities and partners.
To encourage development in NM Opportunity Zones, NMEDD is offering an incentive as a part of LEDA. New Mexico will guarantee an additional $1 million in LEDA funding to projects locating in an Opportunity Zone if they meet specific criteria: