Investors will receive Federal tax breaks in the new Opportunity Zones, encouraging investment and revitalization in targeted Chaves County areas.
The U.S. Treasury Department recently announced the approval of three (3) Opportunity Zones in Chaves County where investors could benefit from a tax incentive plan aimed at attracting business investment in the area. The Federal Tax Cuts and Jobs Act of 2017 created a new tax incentive for investors who make qualified investments in Opportunity Zones. Investors will be able to defer or reduce federal tax liability on income directed to a fund and invested in one or more of the Opportunity Zones.
“Opportunity zones draw private investment to businesses, not residential but businesses, that increase the economy,” said John Mulcahy, President of the Roswell-Chaves County Economic Development Corporation. “These tax incentives reduce the risk of investors to invest their money. I firmly believe that the path to our economic success is going to be involving private investment.”
Governor Susana Martinez recommended the three of the zones proposed by the Roswell-Chaves County EDC. These zones were accepted and confirmed by the U.S. Treasury Department and are now qualified Opportunity Zones. “I’m excited about the opportunities for investment and economic growth in New Mexico’s Opportunity Zones,” said Governor Susana Martinez. “In combination with our robust economic development tools and business-friendly reforms, Opportunity Zones can boost economic growth and job creation in New Mexico.”
“We’re thrilled to welcome new and incremental capital investment to our state to drive new growth opportunities for New Mexico’s job creators,” said Economic Development Cabinet Secretary Matt Geisel. “The Economic Development Department will continue to work with small businesses, developers, industry, investors and other stakeholders to promote job creation. Opportunity Zones are a compelling tool and we are a compelling location for investment.”
For more information about this new tool for economic development please contact RCCEDC office at 575-622-1975.