|Santa Fe, N.M. – The New Mexico Economic Development Department (NMEDD) announced that the Department is soliciting applications for Opportunity Zone designations from each County through March 21. NMEDD will then submit a list of priorities to the Governor for her nomination. Designation as an Opportunity Zone aims to encourage investment and grow the economy in lower income areas of the state with tax advantages.
“We’re excited to move forward with the designation process as we look for opportunities to create a healthier economy,” said Economic Development Cabinet Secretary Matt Geisel. “Opportunity Zones have the potential to support economic growth and diversification in our communities.”
Once all the Counties have provided their input on the prioritized qualified census tracts in their communities, the Governor will make the final determination and submit the designated census tracts to the Department of the Treasury. These designated tracts, once approved by Treasury, will remain in place for ten years from the date established by the Department of the Treasury.
The Tax Cuts and Jobs Act of 2017, provides for the Governor of each state to nominate eligible census tracts as Opportunity Zones. There are 249 eligible qualified census tracts in New Mexico. Governor Martinez will submit a total of 63 Opportunity Zone census tracts, representing 25% of the total tracts. Only County Managers or his/her assignee may submit the application for Opportunity Zone designations. The application form can be found here: http://www.emailmeform.com/builder/form/PRl74cc0jHpm7X8fq8
To be eligible as an Opportunity Zone, census tracts must qualify as “low-income.” More information on eligibility can be found on our FAQ page.
NMEDD will host a webinar on March 8 to explain the application process and answer questions. Register for the webinar here: https://register.gotowebinar.com/register/3194182822797723137
Contact: Benjamin Cloutier