Reeves announces approval of more than 100 Opportunity Zones under federal tax program

• “Mississippi is competing for investment and winning, and we want communities in every corner of our state to share in that success,” said Governor Tate Reeves.

More than 100 census tracks in Mississippi have recently been approved as Opportunity Zones by the federal government, which private investors across the state can utilize to drive economic development for the next decade. 

Of the 102 tracks designated under the Opportunity Zones 2.0 federal program for Mississippi, 78 are in areas classified as rural.

This program is part of the federal government’s Tax Cuts and Jobs Act adopted in 2017 and has a focus on enticing growth in communities identified as low-income. Through the tax incentives under the Qualified Opportunity Funds, these communities will now have additional tax incentive tools private companies can use to reinvestment their qualifying capital gains.

“Mississippi is competing for investment and winning, and we want communities in every corner of our state to share in that success,” Gov. Tate Reeves said in a release. “These 102 Opportunity Zones create new opportunities to attract private capital, strengthen local economies and bring more jobs and investment to areas that have tremendous potential for growth. We’re building on Mississippi’s economic success and giving even more communities the tools to compete for the investments that will shape their futures.”

Nominations for these census tracts were made by Reeves using statewide public input gathered as part of a selection process coordinated by the Mississippi Development Authority.

This designation will become official beginning in January and be in effect for 10 years. 

Opportunity Zones 2.0 gives investors the option to use federal tax benefits to build on opportunities, such as investing in businesses and real estate development.

“Access to capital is essential to economic development, particularly in communities where traditional investment can be more difficult to attract,” MDA Executive Director P.J. Waldrop said in the release. “Opportunity Zones provide another tool to help Mississippi communities compete for private investment and move development projects forward. With 78 rural tracts included in these designations, we have an opportunity to connect more of our state’s communities with investment that can generate economic activity and create jobs.”

For the full list of zones and additional information can be found here.