COLDWATER, MI (WTVB) – The federal tax bill that went into effect last October includes additional incentives for economic development in the City of Coldwater and Coldwater Township.
Both have been designated as Opportunity Zones, a provision included in the recently enacted Tax Cuts and Jobs Act. The community development program encourages economic development and job growth in low-income and rural communities by providing tax incentives for long-term investments.
The tax incentives for investment can also be combined with other incentives such as New Market Tax Credits, Low-Income Housing Tax Credits, and historic rehabilitation tax credits.
In statement from 7th District Congressman Tim Walberg, he applauded the new program. “The creation of these new Opportunity Zones is a promising tool to help spur greater economic development in communities that need it most,” said Congressman Walberg. “By incentivizing new investment in these areas, we can pave the way for more job growth and generate new economic opportunities across our state.”
