Officials Hopeful For Development Progress On Connecticut’s 72 ‘Opportunity Zone’ Sites
15 May 2019
Development officials in Connecticut say they are expecting to be making substantial progress by the end of 2019 in marketing the state’s 72 federally designated Opportunity Zone sites.
The IRS recently released an updated set of regulations for investors in Opportunity Zone sites that clarify procedures under a tax benefit program established by the White House in 2017 as part of the Tax Cuts and Jobs Act. The program is designed to encourage private investment in lower-income areas around the country.
Connecticut has Opportunity Zone sites in 27 towns from the largest cities like Hartford, New Have, and Waterbury to mid-sized and small communities like Meriden, Windham, and Putnam.
There is still more to be clarified at the federal level, but the state is preparing new materials to show what the sites have to offer and how they can add value for a private investor, David Kooris, deputy director of the state Department of Economic and Community Development, said.