Designation Increases Economic Investment Opportunities
Lansing, MI – The U.S. Department of the Treasury and the Internal Revenue Service announced the approval of new Opportunity Zone designations Monday, including within nine communities across the Tri-County region. Opportunity Zones, established through the Tax Cuts and Jobs Act of 2017, are intended to spur private investment, economic growth, and job creation in distressed areas, through tax incentives tied to the longevity of the investments. Governor Snyder with support from the Michigan State Housing and Development Authority (MSHDA) and Michigan Economic Development Corporation (MEDC) submitted Michigan’s application for 288 eligible zones from across the state.
“LEAP made sure all eligible areas applied for this important tool and credits the communities for putting forth great efforts in their applications. We are pleased that our region is well represented, and are ready to work on behalf of all the communities across the region to leverage this opportunity and increase investment in our region,” said Bob Trezise, President and CEO of LEAP. “Thanks to Governor Snyder, MSHDA, and the MEDC for recognizing the importance of pursuing the Opportunity Zone designation.”
Tri-County designations include:
- Delhi Charter Township
- City of East Lansing
- City of Lansing
- Meridian Charter Township
- Bingham Township
- City of St. Johns
- Carmel Township
- City of Charlotte
- Eaton Township
A map of Opportunity Zones across the region, more information about statewide and national designations can be found on the MSHDA website.
Marketing, Communications, and Talent Director, LEAP
The Lansing Economic Area Partnership (LEAP) is a coalition of area leaders committed to building a prosperous and vibrant region where business can thrive. To do this, we help entrepreneurs start new businesses, help existing businesses grow, and attract new businesses to the region. For more information about LEAP, please visit www.purelansing.com.