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Apply Now for Inclusion in New Opportunity Zone Program

The Tax Cuts and Jobs Act of 2017 created a new community development program that provides capital gains tax relief to private investment within “qualified opportunity zones.” Under the Act, Mississippi Governor Bryant may nominate up to 100 eligible census tracts for designation as “qualified opportunity zones” in the State of Mississippi.

The Mississippi Development Authority has launched a portal allowing Mississippi’s cities and counties to apply to have eligible census tracts considered for inclusion in Governor Bryant’s nominations for the State of Mississippi. MDA will begin reviewing applications on March 5, 2018 so cities and counties wishing to apply should not delay.

Interested stakeholders may want to reach out to their local city and county representatives to encourage participation in the application process.

© 2020 Jones Walker LLPNational Law Review, Volume VIII, Number 46


About this Author

Aileen Thomas, Banking Attorney, Jones Walker Law Firm

Aileen Thomas is a partner in the firm's Business & Commercial Transactions Practice Group in the Jackson office and a member of the firm's board of directors. As a bond attorney, Ms. Thomas regularly serves as bond, underwriter, and trustee counsel for a myriad of clients, including non-profit and public hospitals, institutions of higher learning, local school districts, and national and regional investment banking firms. In addition to her public finance practice, Ms. Thomas assists clients with large economic development and expansion projects, and is actively...

Chris Pace, Business, Commercial Transactions Attorney, Jones Walker Law FIrm

Chris Pace is an attorney in the firm's Business & Commercial Transactions Practice Group and practices from the firm's Jackson office. He concentrates his practice in the areas of project finance and economic development law, state and local government law, economic development incentives and gaming law.

His clients include both county and municipal governmental bodies, as well as new and expanding business concerns such as a large steel company investing over $1 billion in a new facility, and a new regional beverage supplier investing millions of dollars to expand its existing operations. Mr. Pace has negotiated and documented various economic incentives including property, sales, use, income, and franchise tax incentives, and other incentives related to tax exempt and taxable bond financing. In the course of his work, he has assisted clients in negotiating and implementing incentives with the Mississippi Development Authority, the Mississippi Department of Revenue, and other state and local governmental entities. Mr. Pace has also negotiated and implemented economic incentives with numerous county and city governments, including the implementation of complex fee-in-lieu of property tax agreements which are available only for projects involving investments of $100 million or more.