260 tax-friendly zones created in Georgia by Congress’ tax reform bill
WASHINGTON, D.C. – U.S. Senators Johnny Isakson (R-GA) and David Perdue (R-GA) today applauded the approval of 260 ‘Qualified Opportunity Zones’ in Georgia. Qualified Opportunity Zones were created by Congress in the recently enacted tax reform bill, the Tax Cuts and Jobs Act, and are designed to help spur economic growth in underserved communities by giving special tax treatment to distressed areas designated by the governors of each state.
“One of the many benefits to tax reform has been the creation of Qualified Opportunity Zones so that regions, cities and states and local governments can take quick and meaningful action to help economically disadvantaged areas,” said Senator Isakson. “For too long, capital investment has become concentrated in a few prosperous regions while many communities, especially in smaller cities and rural areas, have seen little economic growth. Qualified Opportunity Zones will allow businesses to invest in areas that need a boost, providing a win-win for all involved.”
“The key to driving economic growth in struggling communities is to create a more business-friendly environment,” said Senator Perdue. “Encouraging private investment in these Opportunity Zones will deliver a boost to small businesses and create more job opportunities. When President Trump was elected, he made it clear that job one was growing the economy. These Opportunity Zones will help, and I will continue working with President Trump to improve our economy.”
Georgia submitted 260 nominations from 83 counties, comprising 60 percent rural communities and 40 percent urban communities, ahead of the March 21 deadline and all were approved today by the U.S. Department of the Treasury and Internal Revenue Service (IRS). Qualified Opportunity Zones are intended to incentivize investment in areas where poverty rates are greater than 20 percent.
A map of Georgia’s designated Qualified Opportunity Zones is attached, and an interactive map with additional information is available here.