Potential Tax Benefits for Investors in Low-Income Communities

This is known as the Opportunity Zone.

DULUTH, Minn.-A new federally created tool is aiming to boost investments in communities.

It’s being called Opportunity Zone, the first tax benefit in nearly 20 years which private investors will be eligible for certain tax benefits in return for investing in these low–income communities, such as businesses and affordable housing.

“The legislation was written to look at where are some of the neighborhoods that they’re falling behind in terms of investment, there are opportunities in those neighborhoods, that we can make sure that we improve the quality of life,”  Duluth Local Innovative Support Corporation Executive Director Pam Kramer said.

Some areas being looked at are affordable housing, manufacturing jobs in the Port, and continuing growth in the Lincoln Park district.

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