Governor Eric Holcomb has submitted nominations to the U.S. Secretary of the Treasury for dozens of Hoosier communities to earn the newly-created Opportunity Zone designation. The federal program, created with the passage of the Tax Cuts and Jobs Act, provides tax incentives to attract private investment to low-income communities.
The program allows of up 25 percent of a state’s eligible low-income census tracts to be designated as Opportunity Zones. Holcomb nominated 156 census tracts for the designation, the maximum for Indiana.
You can view the full list of nominated tracts by clicking here. If approved by the Treasury Department, the designation will remain in place for 10 years.
"This new program provides one more tool to attract investment and help more of our Hoosier communities succeed," Holcomb said in a news release.
Holcomb’s office says the selections were made after receiving public input and looking at community need and potential opportunities for investment. The selected tracts were chosen out of nearly 2,000 recommendations.
The nominated census tracts represent 58 counties covering all or portions of 83 cities and towns throughout Indiana. A timeline for approval of the nominations was not provided.