Nevada governor nominates 61 opportunity zones

Nellie Chapman
April 24, 2018

The Baker administration and municipal officials across MA expect to hear from the federal government within 30 days about their newly-submitted request for approval of 138 zones where new federal tax incentives could be used to spark investment in rural and low-income communities. Low-income census tracks are areas where the poverty rate is 20 percent or greater and/or family income is less than 80% of the area's median income.

The Treasury Department has already designated areas of DE around Wilmington and parts of Camden in South Jersey as opportunity zones, according to online mapping service PolicyMap, which has been tracking the program.

"We see the positive potential with these Opportunity Zones to attract funding via the president's new tax reform act and hope it will incentivize good-paying jobs and good, quality, affordable housing within our communities", said Keith Hamre, Duluth's director of planning and construction services. Any development or redevelopment undertaken in such a designated zone will still be required to undergo local reviews and approvals, Hoydick's office said.

Some counties including Owen County were ineligible to apply having not met the low-income requirement from the census tract.

Governor Ralph Northam is calling on the federal government to make more than 200 low-income areas eligible for new tax breaks.

A map of the proposed zones shows one large zone stretching from Big Stone Gap, covering Norton and Wise and extending to include business and industrial property northeast of Wise.

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Georgia Governor Nathan Deal submitted 260 census tract nominations from 83 counties across the state, receiving approval from Treasury for all of them.

Earlier this year, May sent a letter to Holcomb requesting Bedford be considered for the initiative.

What is an Opportunity Zone? In the meantime, I will be working with lending institutions to set up Opportunity Zone Funds.

"The Opportunity Zone program is ideal for the many rural communities across Southwest Florida that are seeking to grow their economies and revitalize their areas".

The Treasury Department has yet to release details on the formation or certification of Opportunity Funds - the vehicles through which investors must channel capital gains income in order to receive the tax benefits of investing in designated opportunity zones.

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