Sununu Nominates 27 N.H. ‘Opportunity Zones’ for Federal Tax Incentives
More than two dozen low income communities across the state could be in the running for a new federal tax break program.
Provisions for so called Opportunity Zones were rolled into the Tax Cuts and Jobs Act. They're meant to encourage development in economically-distressed areas across the U.S. by allowing investors to defer certain taxes on investments in those communities.
At an event in Franklin Thursday, Gov. Chris Sununu nominated 27 low income census tracts in New Hampshire for the program -- including Franklin. A full list of census tracts selected for the program can be found here.
“We're very excited. We wanted to get this out soon, we wanted to get it out fast,” Sununu said.
“People are going to be competing for these types of investment dollars all across the country.”
Sally Bussiere is a volunteer at Thrift Clothes Closet, just up the street from Franklin City Hall.
"We definitely need new industry in town,” Bussiere said. “We have many storefronts that are empty."
Taylor Caswell, Commissioner for New Hampshire Business and Economic Affairs, said details for investors are forthcoming. "Those are things we are waiting for the United States treasury to define for us," Caswell said.
New Hampshire's opportunity zones must still be confirmed by the federal government.