Gov. Paul LePage has chosen to deliver federal tax benefits to investors in parts of Maine with existing or defunct manufacturing operations, closed military bases and selected urban pockets, in a move favoring areas in Penobscot County.
Under the federal Opportunity Zones program, LePage was able to pick up to 32 census tracts to qualify for the tax benefits.
A designation will allow investors who put money into projects in those “opportunity zones” to avoid taxes on the capital gains returned by their investments. It’s an approach tried by past Democratic and Republican administrations, in efforts to use federal tax policy to lure investment or jobs to an area.
LePage chose from a total of 128 possible tracts, which are considered low-income. He could pick two from certain areas adjacent to a low-income tract. The U.S. Treasury Department on Friday released the list of Maine selections.
The County is pleased to feature content from our sister company, Bangor Daily News. To read the rest of “LePage picks mill towns, former military bases and urban pockets for tax benefits,” an article by contributing Bangor Daily News staff writer Darren Fishell, please follow this link to the BDN online.
