The Wolf administration has nominated 300 census tracts across Pennsylvania as eligible areas for tax breaks under a new federal program created to attract more investments to low-income neighborhoods. The average poverty rate in these census tracts is 31 percent.
The Berkshires' three largest communities - the cities of North Adams and Pittsfield, and the town of Adams - are in the pipeline to become federally designated Opportunity Zones.
Of Massachusetts' 1,478 census tracts, 581 tracts were determined by the U.S. Department of Treasury to be eligible to be considered for Opportunity Zone designation.
"I'm excited to establish these zones and further leverage private, nonprofit and public sector funds, providing new opportunities for housing, retail and business growth to fuel the state's economic engine and create jobs", Holt stated. The state says the federal rulemaking process will begin after the zones are named. The submissions included 60 percent rural communities and 40 percent urban communities in Georgia, The LaGrange Daily News reported. Unless the program is renewed later, those who did not submit requested census tracts effectively opted out of the program.
International Monetary Fund expects India's role to expand in Indo-Pacific region
The communique said that the growth of the global economy "has further strengthened and is increasingly broad-based". As trade tensions simmer between the world's two largest economies, Mnuchin said on Saturday he may travel to China.
Governor Ralph Northam is calling on the federal government to make more than 200 low-income areas eligible for new tax breaks. The zones and funds will allow investors to receive tax benefits on now unrealized capital gains by investing those gains in qualified census tracts or "opportunity zones". "It is the only known Opportunity Zone in the state to include an interstate exchange with adjacent greenfield development sites". The newspaper also notes there is a completely different Georgia state "opportunity zones" program that is already in operation. "Working very closely with the Governor's Office and realizing his mission to lead the state's economic revitalization, this program will enhance our planning goals through private investment in distressed communities across the State". Two California opportunity zones ended up overlapping with parts of Redwood City.
The Texas opportunity zones include 150 in the Houston metro area.
This initiative gives a tax incentive for investors to put their money into these areas.