Springfield, IL…Opportunity Zones, located in seven of nine local counties, have been approved by the U.S. Treasury and will allow for tax-free investments that create new jobs.
“The federal government has approved seven Opportunity Zones for the 100th Legislative District,” said Davidsmeyer. “Opportunity Zones are geographic areas that encourage long-term investment and allow private investors to use unrealized capital gains to create new jobs.”
Opportunity Zones were created by the Federal Tax Cuts and Jobs Act of 2017 (page 130). Local counties that now have Opportunity Zones are: Greene, Jersey, Macoupin, Madison, Morgan, Pike and Sangamon.
“Opportunity Zones are judged by three criteria. One, the needs of a zone based on poverty and unemployment rates. Two, zones must be equally distributed throughout the state. Three, local criteria is considered; infrastructure, crime and the longevity of the investment.”
“Jobs are coming back to the 100th District! Businesses and investors know that we have the natural resources, the transportation system, and the people to grow and produce products that are second to none.”