By Wayne Schutsky | East Valley Tribune
IRS approval of 18 “opportunity zones” in the East Valley earlier this month are designed to promote economic development in low-income areas.
The IRS awarded the designation to census tracts with indicators of poverty and income levels below the area median.
Under the law, a census tract must have a population where at least 20 percent of the residents live below the federal poverty level. That figure is based on family size – $20,780 for a family of three.
“Governor Ducey was thoughtful in his designations. His choices range from low-income areas to Native American communities to areas in downtown Scottsdale, where there is a great possibility to attract investment to the state.”
~Jordan Rose President and Founder of Rose Law Group which has been advising clients on Opportunity Zone potential.
