New Opportunity Zone program could help banks meet CRA requirements

SEEKING INVESTMENT: Inclusion in the nationwide Opportunity Zone program could mean an influx of new investment and development for regions of the state deemed low-income census tracts. Each of the 25 Rhode Island tracts, the maximum nominations allowed by each state, has a greater-than-27 percent poverty rate. Investors in the program – who could fund everything from startups and business expansions to real estate deals – will be eligible for tax benefits. / SOURCE: R.I. COMMERCE CORP.
SEEKING INVESTMENT: Inclusion in the nationwide Opportunity Zone program could mean an influx of new investment and development for regions of the state deemed low-income census tracts. Each of the 25 Rhode Island tracts, the maximum nominations allowed by each state, has a greater-than-27 percent poverty rate. Investors in the program – who could fund everything from startups and business expansions to real estate deals – will be eligible for tax benefits. / SOURCE: R.I. COMMERCE CORP.
Included in the 2017 $1.5 trillion federal tax overhaul heralded by President Donald Trump and passed by Congressional Republicans was the Opportunity Zone program. Encouraging investment in and economic development of low-income census tracts across the nation, the new initiative may also provide banks with a different method through which to meet the requirements of…
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