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26Jun

Columbia, Lancaster City Tracts Designated as Qualified Opportunity Zones

Six tracts in Lancaster County are part of a federal program that looks to boost economic development through tax breaks.

The tracts — two in Columbia and four in Lancaster city — were recently designated as qualified opportunity zones.

The designation allows incentives for investors to develop assets in economically distressed communities by providing cuts on their capital gains tax after the assets are owned for a certain number of years.

The county tracts are among 300 in Pennsylvania that Gov. Tom Wolf nominated for the designation in April.

“We are hopeful this new incentive will bring much-needed investment to many distressed areas across the commonwealth,” Wolf said when announcing his nominations, which were approved June 14.

The Federal Tax Cuts and Jobs Act created the qualified opportunity zones as a tool for promoting long-term investment in low-income communities.

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