A number of census tracts in the Greater Lehigh Valley have been recommended by Gov. Tom Wolf for inclusion in the Qualified Opportunity Zones recently created by the federal government as a result of the recent federal tax overhaul legislation.
The governor nominated 300 census tracts in total.
The $1.5 billion Opportunity Zone Program gives investors tax breaks on federal capital gains taxes in exchange for investments in funds that support small businesses and housing projects in low income areas.
The tax incentive is designed to generate more private investments in low-income neighborhoods.
“These zones are a great tool to attract capital into often difficult to develop areas of the Lehigh Valley,” said Don Cunningham, president and CEO of the Lehigh Valley Economic Development Corp. in a statement. “We will work to ensure that the region is able to maximize the potential of this new investment incentive.”
The governor’s submission includes eight tracts in Northampton County and six in Lehigh County.
There are five tracts in Berks, one in Monroe, three in Upper Bucks and three in Schuylkill counties.
"We are hopeful this new incentive will bring much-needed investment to many distressed areas across the commonwealth," Wolf said in a statement.
For a complete list of census tracts included in Gov. Wolf’s proposal click HERE.