(HARRISBURG) – Today, census tracts in five local communities were designated as Opportunity Zones by Governor Tom Wolf and the Pennsylvania Department of Community and Economic Development (DCED), according to Senator John R. Gordner (R-27).
These designations, along with others across the state, have been submitted to the U.S. Department of Treasury for approval. The five local census tracts included by the Governor in today’s submission include:
- Tract ID 506 – Berwick (Columbia County)
- Tract ID 512 – Bloomsburg (Columbia County)
- Tract ID 503 – Danville (Montour County)
- Tract ID 815 – Shamokin (Northumberland County)
- Tract ID 820 – Sunbury (Northumberland County)
The federal Tax Cuts and Jobs Act (TCJA), passed in December 2017, enables the Governor to designate certain census tracts as Opportunity Zones. Investments made by developers or individuals in these zones would be permitted to defer or eliminate federal capital gains taxes that result from the related projects.
“I am pleased by today’s announcement that these five census tracts were included in the list submitted to the federal government,” said Senator Gordner. “I, personally, lobbied hard for these communities and I am pleased that Governor Tom Wolf and DCED saw the merits of including them in this submission.”
Final approval by the U.S. Department of Treasury is expected in mid-May.
Under TCJA, the Governor can designate up to 25 percent of census tracts that have high poverty rates and/or low median family incomes. Extra consideration was given to the poorest areas of the state. There are approximately 1,200 of these tracts that are eligible across the state. 300 tracts were designated by the Governor, based on economic data, public input and other relevant factors.
CONTACT: Mike Stephens (717) 787-8928