Fifteen Tracts in Mahoning Valley Approved as ‘Opportunity Zones’
YOUNGSTOWN, Ohio – Fifteen census tracts in the Mahoning Valley have been approved as Federal Opportunity Zones by the Department of the Treasury and Internal Revenue Service, reports the Youngstown/Warren Regional Chamber.
“These Opportunity Zones will help strengthen and rebuild both rural and urban areas. Whether along the Mahoning River, throughout Warren’s neighborhoods, or in the heart of Youngstown, these zones will help to spur investment, growth and community development,” said Chamber CEO James Dignan in a release.
Through the program, part of the tax bill passed by Congress in December, investors can create “opportunity funds” that invest at least 90% of their capital in the zones. Investments “are encouraged to invest their large amounts of unrealized capital gains into these zones by having the gains taxes deferred, reduced or eliminated,” the chamber said.
In the Mahoning Valley, the Opportunity Zones are downtown Warren, the Golden Triangle, the U.S. Route 422 corridor, downtown Youngstown, Andrews Avenue, Salt Springs Road corridor, Performance Place, Casey Industrial Park, downtown Struthers and Castlo Industrial Park, and the Meridian Road corridor.
A map of the Ohio Opportunity Zones – 320 tracts were approved in 73 counties – is available here.
Copyright 2020 The Business Journal, Youngstown, Ohio.