Enacted by Congress in December 2017 as part of The Tax Cuts and Jobs Act of 2017, the Opportunity Zones program aims to generate long-term revenue for rural and urban low-income communities across the country by utilizing tax incentives to foster private investment.
Senator David G. Argall (R-Berks/Schuylkill) mentioned the challenges that many communities face. “Pennsylvania has many struggling towns and cities, both large and small, across the state. Since the 1950s, many of our local communities have struggled,” said Argall. “This new bipartisan initiative is designed to help employers create more local jobs.”
The importance of creating more local jobs was a key topic for Argall during last month’s Senate Appropriations Committee state budget hearings. Argall, who serves as a senior member on the committee, noted that many communities in his district continue to look for ways to rebuild. “Breathing new life into old towns is a top priority of mine. I have witnessed firsthand communities such as Tamaqua and Jim Thorpe that have done just this and I believe that the Opportunity Zones program will help other local communities to do so.”
Representative Neal Goodman (D-Schuylkill) noted his contentment with the recent announcement. “This is very good news for Schuylkill County,” said Goodman. “Out of more than one thousand eligible communities, Governor Wolf nominated five from our county for this new initiative. The Opportunity Zones will encourage private investment and create good-paying jobs. I commend our local officials for making the case for inclusion and thank Governor Wolf for listening.”
The U.S. Department of Treasury will have 30 days to review the governor’s submission of nominees for the program.