Bessemer Opportunity Zone

There is “opportunity” in Bessemer!

The city’s downtown district, which includes the federally-recognized Downtown Historic District, has been designated as an Opportunity Zone by the United States Department of Treasury.

Bessemer’s Opportunity Zone designation was approved through Treasury as a new initiative  in the Tax Cuts and Job Act of 2017.

The Internal Revenue Service defines an Opportunity Zone as “an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.”

Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury via his delegation of authority to the Internal Revenue Service, according to the IRS.

Bessemer’s Opportunity Zone includes all of the downtown Bessemer district, as well as portions of the Jonesboro and Westlake communities.

To see the area of Bessemer’s Opportunity Zone, including parcel conditions in the downtown and the outline of the Historic District, see the map below or click the following link: http://bessemergis.maps.arcgis.com/home/webmap/viewer.html?webmap=415cd2873100469891f2cce27188f06f

 

Stay tuned for future updates on efforts to bring out the “Opportunity” in Bessemer’s Opportunity Zone.

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