Negele: Newton County area nominated for Opportunity Zone

Posted by: Emily Gaylord  | Wednesday, April 25, 2018

STATEHOUSE (April 25, 2018) — A portion of Newton County has been nominated by Gov. Eric Holcomb as an Opportunity Zone, according to State Rep. Sharon Negele (R-Attica).

 Negele said this nomination, which is sent to the U.S. Secretary of Treasury, could result in additional private-sector investments in the community. The goal of this new federal program is to revitalize low-income communities with tax incentives that encourage investment and job creation.

 “The Opportunity Zone program would promote economic growth in our area by incentivizing businesses to invest here and attracting people to live and work in our area,” Negele said. “This nomination is great news, as this designation would give us additional tools to help this area succeed.”

 The Opportunity Zone program was created in the federal Tax Cuts and Jobs Act of 2017 to attract capital investment to economically distressed areas. The federal initiative allows up to 20 percent of the state’s eligible low-income census tracts to receive the designation.

 Upon approval of the Secretary of the U.S. Treasury, these Opportunity Zones will cover over 1,000 square miles and more than 500,000 Hoosier residences. The average poverty rate in these census tracts is 31 percent. Once approved, designations remain in place for 10 years.

 To learn more, visit eig.org/opportunityzones.

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State Rep. Sharon Negele represents House District 13, which includes all of Benton County, and portions 

of Fountain, Jasper, Montgomery, Newton, Tippecanoe, Warren and White counties.

 

A high-resolution photo of Negele can be found here.