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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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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