WASHINGTON, DC -- In February, Congress passed and President Trump signed into law a historic federal tax reform bill called the Tax Cuts and Job Creation Act (H.R. 1). It included a plan to designate “Opportunity Zones” across the country to boost economic development through tax incentives where poverty and unemployment rates remain high. Each state was required to designate the zones utilizing census data for low-income tracts, among other economic-based factors.
Governor Bevin announced today the U.S. Department of Treasury certified 144 Opportunity Zones in 84 Kentucky counties. Several tracts were designated in Kentucky's Fifth Congressional District including parts of: Bell, Boyd, Breathitt, Clay, Floyd, Harlan, Jackson, Johnson, Knott, Knox, Leslie, Letcher, Lincoln, Magoffin, Martin, McCreary, Morgan, Owsley, Perry, Pike, Pulaski, Rowan, Wayne and Whitley Counties.
“We continue to see more benefits as a result of passing meaningful tax reform. The Opportunity Zones are not designed as a fix-all, but they will certainly help deliver support for our communities most in need, especially in Eastern Kentucky where our small towns are still reeling from the residual War on Coal,” said Congressman Rogers, who voted in support of the federal Tax Cuts and Jobs Creation Act. “I’m pleased to see Governor Bevin’s commitment to Eastern Kentucky through these designations and I look forward to working alongside each community to maximize the regional impact of the important investments ahead.”
The designation incentivizes economic development projects in low-income areas through federal tax breaks and temporary deferrals for those located in Opportunity Zones.
Governor Bevin announced the Kentucky Cabinet for Economic Development will oversee the state’s program through the Kentucky Opportunity Zone Initiative and launched KYOZ.org to provide additional information.