State’s Opportunity Zone picks receive federal approval; Norwich, New London and Groton included
21 May 2018
The U.S. Department of Treasury has approved the state’s application for 72 Opportunity Zones, including three each in New London and Norwich and one in Groton, where development projects will be eligible for federal tax incentives for investors, Gov. Dannel P. Malloy announced Friday.
The state solicited nominations of qualifying low-income census tracts from municipalities and submitted the nominations for the federal government’s recently established Opportunity Zone Program to induce long-term investments in low-income communities. Investors can claim tax credits off unrealized capital gains for investing into development projects within the zones.
Each state was limited to nominating only up to 25 percent of the qualified census tracts in its plan submitted to the Secretary of the Treasury.