A couple of local communities have received a designation that encourages private investment in low-income and rural communities.
According to U.S. Congressman Mike Kelly, the U.S. Treasury Department and Internal Revenue Service has designated Butler City and Slippery Rock as Qualified Opportunity Zones.
Beginning in 2027 and continuing for ten years, tax incentives will be available in these areas along with along with over 6,500 communities across the country.
Opportunity Zones were first created through the 2017 Tax Cuts and Jobs Act and have been expanded to rural communities through last year’s Working Families Tax Cuts.
