SALT LAKE COUNTY, Utah (News4Utah) – Salt Lake County Mayor Ben McAdams wants public input on a list of lower-income areas that could benefit from a program available in the Tax Cuts and Jobs Act of 2017.
The 16 areas in Salt Lake County that have been nominated include areas in Midvale, West Jordan, Taylorsville, Millcreek, West Valley City, Magna and Salt Lake City’s northwest quadrant. In a letter to Gov. Gary Herbert, McAdams asked these areas be designated as “opportunity zones” by the federal government: zones in which the private sector could invest through Opportunity Funds. Investors would receive a tax incentive for setting up shop in those areas. The hope is that the investments will create jobs and a better quality of life in those areas.
McAdams said each eligible municipality justified its desire to be included on the list of potential opportunity zones, taking into account poverty rates, unemployment numbers and its proximity to transportation hubs.
In Salt Lake County, there are 16 primary tracts that could be designated, plus ten alternate tracts.
Davis County may nominate 2 to 3 eligible areas; Weber County may nominate 5 to 6; and Tooele County may nominate one. In the entire state, there were 181 eligible areas. Salt Lake County was asked to recommend 25 percent of its 64 total eligible census tracts.
Tuesday night, a public meeting will be held at the Salt Lake County Government Building, where the public can offer their input on which tracts should stay on the list and which ones should not. Governor Herbert has until April 20 to make his final recommendations to the U.S. Treasury Department.
For a complete list of potential Opportunity Zones, click here.