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Pennsylvania Submits Nominations for Qualified Opportunity Zones to U.S. Department of Treasury

first_img SHARE Email Facebook Twitter Economy,  Infrastructure,  National Issues,  Press Release Harrisburg, PA – Today, Governor Tom Wolf announced that his administration has submitted the commonwealth’s allotted 300 census tracts across the state as Qualified Opportunity Zones, as created by the federal Tax Cuts and Jobs Act (TCJA) in December 2017. The U.S. Treasury Department is in the process of developing the Opportunity Zones program, and the IRS is expected to provide further information regarding opportunities for investment in zones in the coming months.“After gathering input from individuals and organizations throughout the state and examining where the areas of need intersect with potential investment, I have submitted nominations for Pennsylvania’s Qualified Opportunity Zones,” Governor Wolf said. “We are hopeful this new incentive will bring much-needed investment to many distressed areas across the commonwealth.”Pennsylvania had 1,197 census tracts eligible for Qualified Opportunity Zone status, and was given the opportunity to designate 25 percent, or a maximum 300 low-income community tracts as zones. The list of nominated tracts, additional data, evaluation criteria, and an interactive map can be found at DCED’s Qualified Opportunity Zones website. Final approval from the Department of Treasury is expected in May.The TCJA created the Qualified Opportunity Zones as a tool for promoting long-term investment in low-income communities. Through this program, investors are provided tax benefits for investing capital gains in low-income community census tracts, as well as certain tracts adjacent to low-income tracts. The new tax incentive is for private investors making private equity investments in funds that will then invest in businesses, real estate, and other ventures in low-income communities. The incentive offers deferral, reduction, and potential elimination of certain federal capital gains taxes.U.S. investors currently hold trillions of dollars in unrealized capital gains in stocks and mutual funds alone, making it a potentially significant untapped resource for economic development. Opportunity funds that invest in Qualified Opportunity Zones provide investors the chance to put that money to work rebuilding the nation’s distressed communities. The fund model will enable a broad array of private equity fund managers and investors to pool their resources, increasing the scale of investments going to under-served areas. Pennsylvania Submits Nominations for Qualified Opportunity Zones to U.S. Department of Treasurycenter_img April 20, 2018last_img read more

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Players should take blame – Dawson

first_img Press Association The Portuguese left White Hart Lane on Monday following the 5-0 home loss to Liverpool. In his programme notes prior to Wednesday night’s Capital One Cup quarter-final with West Ham, Dawson wrote: “It’s been a difficult few days for all of us, what with the result here against Liverpool followed by Andre’s departure. Tottenham captain Michael Dawson admits the players are culpable for the sacking of Andre Villas-Boas as manager for unacceptable performances.center_img “He was well liked in the dressing room and would always want things to work out, but it just wasn’t meant to be. We wish him well. “I know Andre came out after our heavy defeats to Manchester City and Liverpool and said that he took full responsibility, but when the team on the pitch loses in that fashion, the players have to stand up and realise ourselves that the performances haven’t been acceptable. “Those results were painful, the way we lost and the goals we conceded. “As a defender and as captain of this club, I look at myself first, but all players have to take responsibility for what has happened. “The lads were devastated after Sunday’s game, of course. Losing any football match is disappointing, it happens to every team. “But to lose 5-0 at home and 6-0 at City is not good enough. All I can do is apologise to those who turned out to support us.” last_img read more

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