Readshaw: Investment in ‘Qualified Opportunity Zones’ will benefit county’s hardworking families
HARRISBURG, June 25 – State Rep. Harry Readshaw, D-Allegheny, announced today that five census tracts in the 36th Legislative District, which he represents, were approved by the U.S. Treasury Department as “Qualified Opportunity Zones."
The tracts – which include four tracts in the City of Pittsburgh and one in Mt. Oliver – were nominated under a federal program that provides tax incentives to private investors for investing in low-income communities.
“I’m optimistic that the investments generated by this program will give these distressed areas the shot in the arm they need to flourish,” Readshaw said. “So many hardworking families stand to benefit from the jobs, housing opportunities and other community resources that revitalizing investments can provide.”
Under the program – administered by the U.S. Treasury Department under the federal Tax Cuts and Jobs Act – states may nominate a certain percentage of census tracts as Qualified Opportunity Zones. Private investors receive tax benefits for investing capital gains in these areas.
Pennsylvania had 1,197 low-income census tracts eligible for Qualified Opportunity Zone status and was given the opportunity to nominate 25 percent, or 300 tracts. The governor announced the nominations in April.