Tax Reform Brings Opportunity Zones to Southern Illinois
Washington, D.C. – U.S. Representative Mike Bost today released the following statement after the U.S. Treasury Department officially certified 327 low-income census tracts in Illinois to be designated as federal “Qualified Opportunity Zones,” including over a dozen in Southern Illinois.
“These Economic Opportunity Zones are vitally important for creating jobs and growing the economy in areas that need it most,” said Bost. “Tax reform passed by Congress does more than just provide a $2,200 tax cut for typical Southern Illinois families; it also gives hope to areas that could use a boost to get on their feet through private investment.”
Congress established the program in the 2017 Tax Cut and Jobs Act to encourage long-term investments in low-income urban and rural communities nationwide through preferential tax treatment. These incentives can be used to help finance commercial and industrial real estate, housing, infrastructure, and current or start-up businesses. The program uses low-income community census tracts as the basis for determining areas eligible for Qualified Opportunity Zone designation.
An interactive map of Illinois Opportunity Zones is available HERE.
FAQs about Opportunity Zones are available HERE.