Northeast Tennessee’s Opportunity Zones announced Reviewed by BJournal Editor on . The state of Tennessee has announced the location of 176 Opportunity Zones, including several in Northeast Tennessee. Opportunity Zones are a new community deve The state of Tennessee has announced the location of 176 Opportunity Zones, including several in Northeast Tennessee. Opportunity Zones are a new community deve Rating: 0
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Northeast Tennessee’s Opportunity Zones announced

Northeast Tennessee’s Opportunity Zones announced

The state of Tennessee has announced the location of 176 Opportunity Zones, including several in Northeast Tennessee. Opportunity Zones are a new community development tool established by Congress in the Tax Cuts and Jobs Act of 2017. This new tool is designed to drive long-term capital to low-income communities. The new law provides a federal tax incentive for investors to re-invest their capital gains into Opportunity Funds, which are specialized vehicles dedicated to investing in designated low-income areas.

There are 176 census tracts in Tennessee that are qualified opportunity zones. These low-income tracts were nominated by Tennessee and certified by the Secretary of the Treasury. Tennessee’s 176 tract recommendations were determined based on a strategic and data-driven review of county mayor feedback in addition to consideration of state priorities and initiatives including:

·         Business development and brownfield redevelopment opportunities

·         Retail, commercial and tourism development opportunities

·         Community and rural development initiatives

·         Low-income housing development opportunities

·        Proximity to entrepreneur centers, technology transfer offices, and colleges and universities.

A list and map of the zones can be found at https://www.tn.gov/ecd/opportunity-zones.html

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