A large portion of central and southern Taylor County has been designated as an Opportunity Zone. In 2018, the U.S. Department of the Treasury certified 144 Opportunity Zones in 84 Kentucky counties under a program in the Tax Cuts and Jobs Act of 2017 that aims to encourage long-term investments in low-income urban and rural communities nationwide.
A large portion of central and southern Taylor County has been designated as an Opportunity Zone. In 2018, the U.S. Department of the Treasury certified 144 Opportunity Zones in 84 Kentucky counties under a program in the Tax Cuts and Jobs Act of 2017 that aims to encourage long-term investments in low-income urban and rural communities nationwide.
The designation offers significant federal tax breaks and deferrals to entities and individuals investing in Opportunity Funds, which support development projects within one or more zones. The Kentucky Cabinet for Economic Development oversees the state’s program through the Kentucky Opportunity Zone Initiative.
In his announcement of the certifications, Gov. Matt Bevin stated, “The Opportunity Zones approved by the U.S. Department of the Treasury provide one more reason for companies and businesses to consider locating in Kentucky. Kentucky will maximize this golden chance to attract economic development projects to communities most in need across the commonwealth, and the Kentucky Opportunity Zone Initiative will strengthen and rebuild both rural and urban areas.”
Taylor County submitted a proposal to the Cabinet for Economic Development following a statewide call to cities and counties to submit U.S. Census tracts they proposed for Opportunity Zone designation. Using those proposals and independent economic data, the Governor’s office nominated 144 tracts – the maximum allowed – for certification by the U.S. Treasury. Kentucky was among the first 18 states to have its zones certified by the U.S. Treasury and the Internal Revenue Service.
Taylor County Census Tract 9205, which includes a segment of Main Street, the Heartland Commerce and Technology Park, the Campbellsville Industrial Park, as well as areas surrounding the Taylor County Airport, Green River State Park and CORPS park property, are all including in the Opportunity Zone.
Interactive maps, a full list of Kentucky Opportunity Zones, and more resources are available at www.KYOZ.org. A detailed Opportunity 360 Measurement Report for the Taylor County Census Tract can be found here.
