The New Mexico Economic Development Department is offering a $1 million bonus to qualifying projects in the state’s 63 Opportunity Zones.
Five of these zones are in Santa Fe and straddle Cerrillos Road from St. Francis Drive to Interstate 25. They include the neighborhood around Meow Wolf; two zones bordered by St. Michaels Drive, St. Francis Drive and Cerrillos; the area south of Airport Road; the area bordered by Cerrillos, I-25, N.M. 599 and Arroyo de Los Chamisos.
Opportunity Zones are low-income census tracts, nominated by governors and certified by the U.S. Department of the Treasury, where investors can finance new projects in exchange for federal capital gains tax advantages, according to the Economic Development Department.
The department will fund these OZ Jobs Bonus awards with Local Economic Development Act grant funds and projects must meet LEDA guidelines. Project must fall within one of these industries: aerospace, biosciences, cybersecurity, film & television, global trade, intelligent manufacturing, outdoor recreation, sustainable and green energy, and sustainable value-added agriculture.
Opportunity Zones were created as part of the federal Tax Cuts and Jobs Act of 2017.