Chamber of commerce hopes Qualified Opportunity Zones bring jobs
The US Department of Treasury and the IRS approved Qualified Opportunity Zones on Tuesday. Qualified Opportunity Zones are designated areas where investors can get tax breaks to hopefully spur economic growth in these areas.
The Tift County Chamber of Commerce explains what the distinction means for businesses.
The vice president of the chamber, Chris Beckham, says, "What it will allow, we hope, is for investors and entrepreneurs, it will give them added incentive to invest in parts of Tift County that have been economically distressed."
In a statement released by Governor Nathan Deal, he says, "By attracting more private investment to underserved areas, the tax incentives for Qualified Opportunity Zones will further encourage businesses to invest in the communities that need it most, while also creating meaningful employment opportunities across the state."
These zones are not only in Tift County but they're scattered throughout the state and more locally they're scattered throughout southwest Georgia.
eckham adds, "There are also opportunity zones in Colquitt, Berrien, Atkinson, Ben Hill, and all of these counties are contiguous to Tift County."
He continues the bottom line is hopefully more jobs to the area.
"Hopefully, it'll be a win for the investors and it'll be a win for the community as well. We like those kind of partnerships that will serve these types of communities."