About this Event
INDIANAPOLIS – Gov. Eric J. Holcomb has submitted Indiana’s156 Opportunity Zone nominations to the U.S. Secretary of the Treasury. Thefederal Opportunity Zone program was created in the 2017 Tax Cutsand Jobs Act and provides federal capital gains tax incentives to attractprivate sector investment to low-income urban and rural communities.
“This new program provides one more tool to attractinvestment and help more of our Hoosier communities succeed,” Gov. Holcombsaid.
The federal initiative allows up to 25 percent of a state’seligible low-income census tracts to be designated as Opportunity Zones. ForIndiana, that meant Gov. Holcomb could nominate a maximum of 156 census tracts.Once approved by the U.S. Department of the Treasury, the designations remainin place for 10 years—encouraging long-term investment in the selectedcommunities.
The full list of nominated census tracts is available onlinehere.
These selections were made after much public input andcareful consideration, looking at both community need and potential opportunityfor investment. The state collected extensive economic data on all eligiblecensus tracts and received close to 2,000 recommendations, including input from357 local officials, stakeholders and citizens via an online portal.
With support from the Governor’s Office and several stateagencies, an external advisory group convened by Gov. Holcomb provided the finallist of recommendations to the governor. That advisory group was comprised offive geographically diverse members: Ann Murtlow from Indianapolis (presidentand CEO, United Way of Central Indiana), Don Villwock from Edwardsport (formerpresident, Indiana Farm Bureau), Leigh Morris from La Porte (former mayor, LaPorte), Brenda Gerber Vincent from Fort Wayne (chief development officer,Lifeline Youth & Family Services) and Keeley Stingel from Salem inWashington County (executive director, Homeless Coalition of Southern Indiana).
The 156 nominated census tracts are located in 58 countiescovering all or portions of 83 cities and towns throughout the state. Uponapproval of the Secretary of the U.S. Treasury, these Opportunity Zones willcover over 1,000 square miles and the residences of over 500,000 Hoosiers. Theaverage poverty rate in these census tracts is 31 percent.