Mexico’s government sets tax, credit incentives for quake-damaged border city of Mexicali

Mexico sets stimulus for quake-damaged Mexicali

MEXICO CITY — Mexico is offering a package of tax and mortgage extensions and loans for the border city of Mexicali, after a 7.2-magnitude quake April 4 killed two people, damaged buildings and flooded some land with saline water.

President Felipe Calderon says businesses and taxpayers in Mexicali and the nearby city of San Luis Rio Colorado will get extensions on tax deadlines.

He said Monday that homeowners will get a 4-month grace period for paying mortgages, and government development banks will help finance the recovery of agricultural land.

Another emergency program will provide loans of up to 2 million pesos ($162,000) for small- and medium-size businesses.