Nebraska Ag Connection - Submission Open for Federal Opportunity Zones Program

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Submission Open for Federal Opportunity Zones Program
Nebraska Ag Connection - 02/21/2018

Governor Pete Ricketts has advised city and county officials of an early March submission deadline for community applications to the Federal Opportunity Zones program.

Under the program, the governor of each state and territory is authorized to nominate for designation by the U.S. Department of the Treasury a percentage of the state's qualifying census tracts as Opportunity Zones. Designated tracts stand to benefit from an economic boost, as qualifying investments may be eligible for tax incentives, including capital gains deferrals.

"I would like to thank the President and our Federal delegation for their hard work in passing the Tax Cuts and Jobs act of 2017," said Dave Rippe, director of the Department of Economic Development. "Their vision for Opportunity Zones will help to encourage investment to grow Nebraska."

City and county officials have until March 9, 2018 to submit an application on behalf of their jurisdiction to the Nebraska Department of Economic Development (DED). The application will require officials to prioritize qualifying census tracts in their jurisdiction. Eligible census tracts must meet specific requirements pertaining to median family income. Detailed information on these and other program requirements can be found on the DED Opportunity Zones website at opportunity.nebraska.gov/program/opportunity-zones/.

Submissions will be reviewed and scored by the DED before being referred to the Governor for consideration. Scoring priority will be given to census tracts with a demonstrated commitment to community investment and plans for future investments.

"I'm looking forward to reviewing the proposals," Rippe said. "Our local business and community leaders know best where to direct investments that will help grow their regions."

Applications for the Opportunity Zones program must be submitted electronically by a city or county's chief elected official or a designated representative thereof. Submission requirements can be found on the DED Opportunity Zones website listed above. Ricketts will make nominations no later than March 21.

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