The Iowa Economic Development Authority (IEDA) has today (Thursday) announced the development of a new economic tax incentive called Opportunity Zones. Gov. Kim Reynolds and Lt. Gov. Adam Gregg revealed that 62 Iowa census tract nominations have been selected for this designation, including a Calhoun County area that encompasses the communities of Rockwell City, Pomeroy and Jolley as well as some unincorporated areas within the tract. These zones were established within the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income zones by providing investors with a capital gains tax deferral. “I am pleased we were able to quickly mobilize a fair, robust and competitive process to select these communities,” Reynolds says. “I’m looking forward to seeing the Iowa Opportunity Zones experience investment and growth that might not otherwise occur in these deserving areas.” For consideration, the tracts must have a poverty rate that is 20 percent or greater and/or family income less than 80 percent of the area’s median income. The governor is able to designate 25 percent of the low income communities as census tracts. Once designated, the tracts will remain in place for 10 years. The Opportunity Zone’s finalist list will be submitted to the U.S. Treasury for review and final certification. Other local tracts nominated included Denison, Harlan, Ida Grove and Storm Lake. A full listing of the tracts will be posted on the IEDA site, which can be accessed through the link included here.
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https://iowaeconomicdevelopment.com/opportunityzones
