SOUTHWEST PORTALES AREA DECLARED AN OPPORTUNITY ZONE
On May 21st, Governor Martinez announced that Opportunity Zones located in 22 counties can now receive preferential tax treatment because of this designation. Governor Martinez said “I’m excited about the opportunities for investment and economic growth
in New Mexico’s Opportunity Zones”.
Thanks to the efforts of County Manager Amber Hamilton on behalf of Roosevelt County and the Roosevelt County Community Development Corp (RCCDC), Roosevelt County was awarded an Opportunity Zone reflected in the designation below for Tract 3. For Portales and Roosevelt County, Census Tract 3 depicted on the map below was one of three tracts applied for in the application. The boundaries for Tract 3 are approximately S Ave C and I to the east, S Roosevelt Rd 7 to the south, Industrial Dr to the west, and Fir St to the north.
The designation as Opportunity Zones allows for the creation of a new class of investment vehicle with tax advantages authorized to aggregate and deploy private investment to support economic development projects located in Opportunity Zones.
The purpose of these tax advantages is to attract capital investment into the economically- distressed areas. Qualified Opportunity Zones retain this designation for 10 years. Mr. Hendrickson, RCCDC Executive Director said “The intent of having the designation is to attract investment into the community by allowing investors a deferral and eventual abatement of unrealized capital gains. So, the incentive here is rather than taking a tax hit on investments, investors can put this money into our community for projects and reap tax deferred or permanent exclusion for capital gains on investments in an Opportunity Fund”.
“The next step and the reason for this press release”, Mr. Hendrickson said, “is for the purpose of getting the word out to investors that we are in communications with and to those outside groups which have projects under consideration.”
For more information Contact
Bill Hendrickson, RCCDC, 575-356-8541
Amber Hamilton, County Manager, 575-356-5307
