OC Census Tracts named Governor’s Opportunity Zone Nominations

The Governor recently announced the nomination of census tracts for South Carolina to be designated as Opportunity Zones and within this process is the inclusion of two Census Tracts in Oconee County. “The Oconee Economic Alliance nominated just about all of the eligible census tracts in Oconee County that qualified to the South Carolina department of Commerce,” stated Emily Hodge, economic development specialist. “We are pleased that the Utica census tract and the Newry census tract are part of the Governor’s submission and are pending approval from the U.S. Department of the Treasury.” Congress recently established this new community development program called Opportunity Zones as part of the Tax Cuts and Jobs Act of 2017. The zones are comprised of low-income community census tracts based on the 2011-2015 American Community Survey. Of the total 538 eligible tracts in South Carolina, Oconee County received the designation for two tracts, Utica and Newry areas of Seneca, as the program only allowed designation of 25% of the eligible tracts across the State. Having this designation will provide a federal tax incentive for taxpayers who reinvest unrealized capital gains into “Opportunity Funds,” which are specialized vehicles dedicated to investments in these Opportunity Zones. The goal of these investments is to promote economic vitality by funding workforce development and affordable housing, funding new infrastructure to support population and economic growth, investing in startup businesses, and upgrading existing underutilized assets through capital improvement investments. For more information on the South Carolina Opportunity Zones, visit www.scopportunityzone.com. The Oconee Economic Alliance is a public-private nonprofit effort to accelerate job creation and capital investment, increase per capita income, diversify the local tax base and generate awareness of Oconee County, South Carolina as a business location. To learn more, visit www.InvestOconeeSC.com.