Alabama’s Opportunity Zone nominations receive full approval. The U.S. Department of Treasury and the Internal Revenue Service gave full approval to the zones. Governor Kay Ivey submitted the state’s census-tract nominations in late March. Alabama was one of the first states to submit census-tract nominations.
Opportunity Zones are a new alternative economic development program that provides a federal tax incentive for investors to re-invest into funds dedicated for the zones. Ivey hopes the zones will attract additional industry and jobs to the state.