Murtha Cullina LLP

February 27, 2018 - Government Affairs Group News: Governor Malloy Announces Municipalities Can Begin Applying for Consideration as Opportunity Zones

By: David J. McQuade

Governor Dannel Malloy recently announced the State of Connecticut will begin accepting applications from municipalities to participate in the federal Qualified Opportunity Zone program. As detailed in the February 21, 2018 Murtha Cullina Government Affairs news alert, each state’s governor may designate up to 25% of its low-income census tracts as eligible opportunity zones. Investment in such zones will support rejuvenation of communities with pockets of poverty while at the same time providing investors the opportunity to minimize certain federal tax liabilities through preferential treatment of capital gains.

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