Alabama, Birmingham Preparing For Economic Impact Of Opportunity Zones

Alabama News Center | August 24, 2018 @ 5:00 am

By Michael Tomberlin

A new national tax incentive program that some believe could be the most transformative economic development tool ever has communities in Alabama, led by Birmingham, preparing to cash in on its share of potentially trillions of dollars in new investment.

Opportunity Zones are low-income census tracts with a poverty rate of at least 20 percent and a median family income of less than 80 percent of the statewide or area median income. The program was established as part of the Tax Cuts and Jobs Act of 2017 in hopes of spurring new investment into these areas.

Alex Flachsbart is an attorney with Balch & Bingham and an expert on Opportunity Zones. He recently presented on the subject to members of the Economic Development Association of Alabama.

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