New Mexico Selects 65 Opportunity Zones for Business Development
Communities across New Mexico could see new business investment, development, and jobs soon thanks to new “Opportunity Zones” nominations.
State officials said Opportunity Zones provide federal tax incentives to encourage private investment in businesses, property development, and other projects that can create jobs and stimulate local economies.
Under this program, investors who reinvest capital gains in an Opportunity Zone can defer taxes on those gains for five years. Investors who hold the investment for at least five years have 10 percent of the original gain excluded from taxation or 30 percent for investments in rural Opportunity Zones. Investors who hold the investment for 10 years or longer pay no federal tax on any new gains the investment earns for up to 30 years.
The state has selected 65 zones across 22 counties.