ICYMI via @DetNewsOpinion -- ‘Opportunity Zones’ on their wayhttps://www.detroitnews.com/story/opinion/2018/04/30/upton-opportunity-zones-way/34422135/ …
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Opportunity Zones are economically distressed rural & urban areas eligible for tax benefits aimed at spurring private investment, econ growth, & local jobs. The goal is to bring long-term, private-sector investment to the places & people who need it most.
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For many years the tax code has provided various tax incentives to encourage economic development in low-income communities. In my neck of the woods down in #MI06, local development groups have a strong track record of leveraging these programs to benefit our communities.
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Despite these efforts, communities in Michigan & across the country still lag behind in business & job growth. It’s time for new innovative approaches to bring investment to these areas. That’s where Opportunity Zones come in.
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Here’s how it works: Governors identify a limited number of Opportunity Zones in areas most in need. States are required to consider local economic development initiatives & successes with other programs to ensure Opportunity Zone designations equal LOCAL results.
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Next, tax benefits are offered for reinvesting prior gains into Qualified Opportunity Funds. These funds must hold at least 90% of their assets into Opportunity Zone properties – everything from a local startup to an affordable housing project.
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In good news, The U.S. Treasury & IRS recently approved the state of Michigan’s application for Opportunity Zones. Michigan was one of only 18 states approved. This first set includes cities and townships throughout Michigan — 24 designations in
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Thanks to tax reform enacted this year, we’ve seen historic investment in our local economies, tax cuts, & more money in worker paychecks. Now, with Opportunity Zones we’re seeing even more opportunities to build more businesses & create more local jobs.
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