“We’re excited to move forward with the designation process as we look for opportunities to create a healthier economy,” Economic Development Cabinet Secretary Matt Geisel said. “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.
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 March 8 to explain the application process and answer questions. Register for the webinar here: https://register.gotowebinar.com/register/3194182822797723137