The U.S. Department of the Treasury and the Internal Revenue Service have approved a portion of Peachtree Corners and Norcross as a Qualified Opportunity Zone. The Qualified Opportunity Zone distinction was created by The Tax Cuts and Jobs Act to spur economic growth in low-income communities by allowing investors to defer federal taxes by taking capital gains from other investments and investing in these designated areas.
The area included is bordered by Dawson Boulevard/Brookhollow Parkway to the east, and encompasses both sides of Jimmy Carter Boulevard south of Holcomb Bridge to the west.
According to a statement by Gov. Nathan Deal, Georgia submitted 260 nominations from 83 counties, ahead of the March 21 deadline and all were approved. Qualified Opportunity Zones facilitate investment in areas where poverty rates are greater than 20 percent.
Qualified Opportunity Zones retain this designation for 10 years. The program will be administered by the Georgia Department of Community Affairs.
Information and map: www.tinyurl.com/GAOpportunityZones.
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