Beaver Falls, Midland Borough and New Castle are included on a list of communities nominated by Governor Wolf for a special federal program intended to spur private investment in economic development efforts, according to Senator Elder Vogel.
The federal Tax Cuts and Jobs Act of 2017 created Qualified Opportunity Zones as a tool for promoting long-term investment in low-income communities. Investors are provided tax benefits for investing capital gains in low-income community census tracts – and certain tracts adjacent to low-income tracts.
Locally, the tracts nominated by the Governor include: 6012 and 6013 in Beaver falls, 6028 in Midland and 4, 7, 8 and 9 in New Castle. A statewide map of qualified tracts is available at: https://www.arcgis.com/home/webmap/viewer.html?webmap=bcd443cbdcc94547bcc3fe72fd9a69ae.
The nominations must be approved by the US Treasury Department.
“I am pleased to see Beaver Falls, Midland and New Castle are nominated for this special status,” said Senator Vogel. “This incentive program would be another outstanding tool for these communities to use to attract new businesses. This program, coupled with the cracker plant project, would only make our area even more attractive for investment and economic development.”
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