State Rep. Patrick Harkins (D-Erie) announced Monday that the U.S. Treasury Department approved five areas in the 1st Legislative District, which he represents, as Qualified Opportunity Zones.
Under a new program created by the federal Tax Cuts and Jobs Act, private investors receive tax incentives for investing capital gains in distressed, low-income communities designated as Qualified Opportunity Zones.
“I’m excited by the prospect of better jobs and housing opportunities that private investment can bring,” Rep. Harkins said. “Infusion of capital can stimulate the kind of development that will breathe new life into these low-income communities and open doors for the hardworking families living there.”
As part of the new program, states nominated a certain percentage of census tracts as Qualified Opportunity Zones.
Pennsylvania was able to nominate 300 of its 1,197 eligible low-income census tracts for Qualified Opportunity Zone status.