Public Notice 18-06: Indiana seeks applicants for Opportunity Zone designation
Governor Eric J. Holcomb is asking citizens, developers, investors
and government and community leaders to recommend census tracts for federal
designation as Opportunity Zones. The goal of this new federal program, created
by the 2017 Tax Cuts and Jobs
Act, is to revitalize low-income communities with tax incentives that
encourage investment and job creation. The online application and census tract
requirements are available online at http://in.gov/gov/2979.htm.
The federal program allows up to 25 percent of a state’s
low-income census tracts to be designated Opportunity Zones. For Indiana, that
means up to 155 census tracts can be nominated. The designations remain in
place for 10 years, allowing time to spur investment in the designated
communities through capital gains tax incentives.
The U.S. Department of the Treasury has published a map and list
of eligible census tracts, available here. Only
qualifying census tracts and relevant project information submitted through
Indiana’s online application will be considered. Applications will be reviewed
on a number of factors, including existing economic development programs, local
coordination efforts, demographic data and additional information provided.
Recommendations must be submitted no later than March 23, 2018.
To allow plenty of time for thorough consideration, Indiana will
request a 30-day extension to the federal deadline to submit a list of
Opportunity Zones to the U.S. Dept. of Treasury and will submit its selections
this spring.
Application and process questions should be emailed to opportunityzones@gov.in.gov.
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