Baker Submits Opportunity Zone Designations; Several Cape Towns Included

BOSTON – Governor Charlie Baker announced last week that he has submitted the state’s Opportunity Zone designations to the U.S. Treasury Department to encourage long-term investment in eligible Massachusetts communities.

Eight Cape towns were among the municipalities with State-Designated Opportunity Zone Tracts Submitted for federal approval including Barnstable, Bourne, Dennis, Falmouth, Mashpee, Provincetown, Sandwich, and Yarmouth.

“The opportunity zone program helps leverage private investment in Massachusetts cities and towns and can be a catalyst for job creation and economic activity,” said Baker.

“I look forward to working with our congressional delegation and local officials to support these new economic development opportunities across the Commonwealth.”

The Opportunity Zone program provides a federal tax incentive for taxpayers who reinvest unrealized capital gains into ‘Opportunity Funds,’ which are specialized vehicles dedicated to investing in low-income areas called ‘Opportunity Zones.’

The zones themselves are to be comprised of low-income community census tracts and designated by governors in every state.

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