Governor Tom Wolf has approved 8 designated areas in the city of Erie as qualified opportunity zones. This is good news for Erie because it means more opportunity for family sustaining jobs.
This comes with the latest federal tax regulation and it gives incentives in 8 areas of the city for development of new businesses or expansion. Investments in the opportunity zones eliminate the capital gains tax.
Now that the 8 areas have been approved the next step is to develop a qualified investment fund for those who want to shield that capital gains tax. This will also cause an increase in residents which will ease the tax burden on current residents.