Governor Bruce Rauner has announced the U.S. Treasury Department has approved over 325 Opportunity Zone census tract recommendations for the state. The Governor says the zones include some of the most underserved areas of the state that have the greatest potential for improvement.
Established by the Federal Tax Cuts and Jobs Act of 2017, the Opportunity Zones present an opportunity for private, tax-free investment in low-income areas with economic need.
One of the Opportunity Zones stretches north of Interstate 74 to 2000 North Road – which is East Winter Avenue in Danville. A portion of that new zone also lies west of Bowman Avenue to Washington and Jackson Streets, south of the CSX Railroad tracks.
Another zone, in Edgar County, includes the north side of Paris and stretches north from that community. It includes the area near the new Paris High School. Other Opportunity Zones have been approved in an area stretching from Villa Grove south to Arcola, and in part of Champaign County.
‘’Illinois is the epicenter of commerce in the Midwest and, as such, our people and our businesses are uniquely positioned to leverage the state’s assets into enterprise and job creation,’’ said the Governor. The goal of the program is to cultivate potential within disadvantaged communities and invest in future generations.
