Norwich, New London and Groton included in governor’s Opportunity Zone plan

20 Apr 2018

Economic Development

Seven U.S. Census tracts from southeastern Connecticut — three each in New London and Norwich and one in Groton — will be included in Gov. Dannel P. Malloy’s plan to request federal Opportunity Zone status.

The Opportunity Zone program, created as part of the Tax Cuts and Jobs Act of 2017, provides a federal tax incentive for investors to re-invest unrealized capital gains into development projects in designated zones. In exchange for their investments, opportunity fund investors will be able to decrease their federal tax burden.

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