Northam nominates areas for new tax breaks; one in Pulaski County
RICHMOND, Va. (AP) — Virginia Gov. Ralph Northam has asked the federal government to make more than 200 low-income areas eligible for new tax breaks.
Northam said last week that he’d nominated 212 so-called “opportunity zones” to the U.S. Department of Treasury.
A new tax overhaul passed last year allows for tax breaks for certain kinds of investments in certain designated low-income census tracks.
Northam said the Virginia Department of Housing and Community Development and the Virginia Economic Development Partnership worked to identify which census tracks to nominate. The governor was allowed to nominate 212 out of 901 eligible areas.
Northam said he expects the federal government to accept his nominations and establish the “opportunity zones” by late spring.
One of the 212 “opportunity zones” lies in the northwest corner of Pulaski and Pulaski County.