Tax Cuts and Jobs Act leads to private investment targets across Michigan
With approval from the U.S. Department of the Treasury and the Internal Revenue Service (IRS), new Opportunity Zones have been designated throughout Michigan.
Opportunity Zones are a designation created by the Tax Cuts and Jobs Act of 2017. They are meant to encourage private investment, economic growth and spur jobs in downtrodden areas with tax incentives tied to investments.
“These Opportunity Zones have great potential to allow entrepreneurs and businesses here in Southwest Michigan to take advantage of a wider array of economic development tools,” U.S. Rep. Fred Upton (R-MI) said. “We’ve seen historic investment in our local businesses, tax cuts for the middle-class, and more money in worker paychecks as a result of tax reform. Now, we’re seeing a greater range of possibilities to build more businesses and create more local jobs for and by residents of Southwest Michigan and throughout our great state.”
Read the full article here: https://michiganpeninsulanews.com/news/8141-tax-cuts-jobs-act-leads-private-investment-targets-across-michigan/