A number of Georgia’s struggling communities will soon be getting an “economic shot in the arm,” according to information released yesterday by Governor Nathan Deal.
Gov. Deal announced that the U.S. Department of the Treasury and the Internal Revenue Service (IRS) have approved all of Georgia’s nominations for Qualified Opportunity Zones. The Qualified Opportunity Zone distinction was created by The Tax Cuts and Jobs Act to spur economic growth in low-income communities by allowing investors to defer federal taxes by taking capital gains from other investments and investing in these designated areas.
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