Gov. Hutchinson announces tax incentive investment zones

(KAIT) - Governor Asa Hutchinson announced Monday his recommendations for where the Opportunity Zones will be located.

Of the 85 recommendations the governor made, ten were in Northeast Arkansas and three were in Craighead County.

Gov. Hutchinson said these Opportunity Zones are low-income areas that have been stifled in terms of growth.

This initiative gives a tax incentive for investors to put their money into these areas.

"It's a targeted approach to where investment and growth can occur with tax incentives that go along with that," Gov. Hutchinson said. "These designations are based upon ideas from the local community as to where they want growth to occur."

Gov. Hutchinson expects the United States Treasury Department to accept and designate the recommended zones within the next 30 days, and after that, the investment opportunity is there.

Along with Craighead County, Greene, Lawrence, and Mississippi counties also received recommendations for opportunity zones as well.

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