United States : ADECA Seeks Public Input on Opportunity Zones and Alabama Incentives Modernization Act.
Governor Kay Ivey on Wednesday encouraged Alabamians to respond to the Alabama Department of Economic and Community Affairs request for public input and recommendations relating to Opportunity Zones.
ADECA is formulating a process regarding Opportunity Zones to implement the Alabama Incentives Modernization Act, which recently passed the Alabama Legislature and was signed by Governor Ivey. The act provides tax incentives and tax credits to attract new and expanding businesses in the state. As the first step in this process, the agency is requesting input from state and local officials, experts in relevant areas, and affected stakeholders in the private and public sector.
Since taking office, cultivating Alabamas economy has been a top priority for my administration, Governor Ivey said. I was pleased to sign the Alabama Incentives Modernization Act, an act that has the potential to boost economic growth in every one of Alabamas 67 counties. I look forward to Alabamians capitalizing on Opportunity Zones and propelling this states growth.
The Opportunity Zones program is an economic development program established by the federal Tax Cuts and Jobs Act of 2017 to foster private-sector investments in low-income rural and urban areas. In April 2018, the U.S. Treasury Department approved 158 Opportunity Zones in Alabama. There is at least one zone in each of Alabamas 67 counties. ADECA encourages all interested parties to provide input to help us ensure that Alabama sees the maximum benefit from this program, ADECA Director Kenneth Boswell said.
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