Treasury Dept. approves two opportunity zones in Jones County
(The following is a press release from the Economic Development Authority of Jones County. )
LAUREL, MISS.– The Economic Development Authority of Jones County is pleased to announce that two census tracts in the county have been approved as Opportunity Zones by the U. S. Department of the Treasury.
Opportunity Zones are a part of the Tax Cuts, and Jobs Act signed into law by President Donald J. Trump in December 2017.
The law, located on Page 130 of the tax overhaul, is designed to encourage business and industry to make long-term investments in 1,400 areas of the country that have been slower to experience significant recovery from the recent economic recession. It provides tax incentives for investors who make long-term commitments to expand or create new businesses in low income urban and rural communities across the U. S.
Mississippi was approved for 100 Opportunity Zones, and the Mississippi Development Authority solicited over 200 applications from all 82 counties. Jones County had eight census tracts that were qualified for consideration. Of the eight submitted to the Treasury Department, two have officially been qualified to be a part of the State’s 100 Opportunity Zones. Portions of the two areas are located in Laurel, Ellisville and the county.
“This is a wonderful benefit for Jones County’s businesses and industries considering significant capital investment,” said Ross Tucker, president, and CEO of the Jones County EDA. “The Zones are a new tool we can use to entice local business and industries to follow through with plans they may have had on the back burner or to attract outside investors to take a closer look at Jones County for future development.”
The EDA is preparing to help investors interested in taking advantage of the new law.
“This is all very new, and we are in the process of collecting information about the mechanics of investing in these zones,” Tucker said. “We encourage anyone who wants to learn more about how to take advantage of the new tax law and invest in Jones County’s Opportunity Zones to contact our office.”
For more information on the Opportunity Zones in Jones County, contact the EDA at 601-649-3031.