INDIANAPOLIS — Gov. Eric J. Holcomb has submitted Indiana’s 156 Opportunity Zone nominations to the U.S. Secretary of the Treasury. The federal Opportunity Zone program was created in the 2017 Tax Cuts and Jobs Act and provides federal capital gains tax incentives to attract private sector investment to low-income urban and rural communities.
The federal initiative allows up to 25 percent of a state’s eligible low-income census tracts to be designated as Opportunity Zones. Once approved by the U.S. Department of the Treasury, the designations remain in place for 10 years, encouraging long-term investment in the selected communities.
Areas in Marion County include several on the east side, including south Irvington along Brookville Rd., Brookside, parts of Lawrence, Keystone from 38th to 46th and east to Sherman, and the North Mass area.
The state collected extensive economic data on all eligible census tracts and received close to 2,000 recommendations, including input from 357 local officials, stakeholders and citizens via an online portal.
Upon approval of the Secretary of the U.S. Treasury, these Opportunity Zones will cover over 1,000 square miles and the residences of over 500,000 Hoosiers. The average poverty rate in these census tracts is 31 percent. For a complete map of the zones, visit in.gov/gov/2979.htm