Kortz: Glassport Borough tracts gain ‘Qualified Opportunity Zone’ status
Areas will benefit from private investment
HARRISBURG, June 20 – State Rep. Bill Kortz, D-Allegheny, announced today that two low-income census tracts in the 38th Legislative District, which he represents, were approved by the U.S. Treasury Department as “Qualified Opportunity Zones.”
The census tracts – both located in Glassport Borough – were nominated by Gov. Tom Wolf under a federal program that provides tax incentives to private investors for investing in low-income communities.
“Private investment will revitalize these areas by funding development that will create job opportunities, better housing and expanded community resources,” Kortz said. “Hardworking residents of these communities deserve the promise of a better life for themselves and their families.”
Under the program – which is administered by the Treasury 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 nominations were announced in April and approved this month.
An interactive map of the tracts is available here.