From the historic hallways of the most beautiful state Capitol in our great nation, this is Senator Keith Ingram.
Out of all the legislation I sponsored during this year’s session, Act 201 probably had the broadest support across party lines.
It creates tax incentives for businesses that invest in areas that are economically depressed, using census data that identifies the number of low-income families.
The legislation refers to the areas as Opportunity Zones. Business and civic leaders from all across the political spectrum support the idea, because everybody benefits.
Residents can apply for jobs in their local communities. Businesses can boost their bottom line.
Local government entities will enhance revenue, so they’ll be abide to provide more essential services that improve the quality of life.
Investors can defer taxes on capital gains from businesses in an Opportunity Zone.
The tax incentives become even more attractive over time, and if investors keep their business in operation for at least 10 years, the tax breaks are enormously attractive.
So far, 85 areas have been approved as Opportunity Zones, including parts of Crittenden, Phillips and St. Francis Counties.
I’m grateful to my colleagues in the Senate for their unanimous support of Act 201.
It will take several years for the various tax incentives to fully take effect, but over the long term the economic benefits of Opportunity Zones will be tremendous.
From the Capitol, it is always my great honor and most sincere privilege to serve you as your state Senator. This is Keith Ingram.