Rock Falls Selected for Opportunity Zone

(KWQC)
Published: May. 21, 2018 at 9:39 PM CDT
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Gov. Bruce Rauner announced that 327 Opportunity Zone census tract recommendations submitted by the State of Illinois have been approved by the U.S. Treasury Department. These zones cover more than 85 counties throughout the state and aim to support the future of Illinois through economic growth and investment.

Locally, census tracts in Rock Falls, Savanna and Dixon were awarded Opportunity Zones.

The Rock Falls’ Opportunity Zone encompasses the center portion of Rock Falls, running along Illinois Rte. 40 between the Rock River and US 30. The Rock Falls riverfront development, especially the RB&W District, could receive added interest and investment because of the new Opportunity Zone.

Established by the Federal Tax Cuts and Jobs Act of 2017, Opportunity Zones present an opportunity for private, tax-free investment in low-income areas with economic need, benefiting residents living in the zones and private investors. 1,305 qualifying low-income census tracts were available for selection, of which only 25% could be nominated by the Governor for inclusion in the program.