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Sunday, December 8, 2019

DRA donates $100K to help Southern Illinois take advantage of federal 'opportunity zone' incentive

Business

By Glenn Minnis | Sep 16, 2019

Money 02

The Delta Regional Authority is donating almost $100,000 to the Southern Illinois region in an effort to help spur private investment to low-income communities.

The funds are being channeled through a new federal tax incentive program and Greater Egypt Regional Planning and Development Commission Executive Director Cary Minnis has vowed that the money will be used to hire a consultant to market the region and help local officials navigate the federal “opportunity zones” initiative.

Opportunity zones were created as part of the 2017 Tax Cuts and Jobs Act supported by President Donald Trump. The thrust of the programs “allow individuals and corporations to defer and reduce their tax liability on capital gains if they invest in qualified projects in designated low-income census tracts for a certain amount of time.”


President Donald Trump

In the case of the Southern Illinois project, plans call for the creation of a 16-county investment prospectus that will highlight potential investment opportunities.

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