Holcomb seeks federal funds to boost business statewide

INDIANAPOLIS (WISH) – Gov. Eric Holcomb on Thursday announced a push to jump-start the economy in places needing help around the state.

He requested the federal government approve 156 areas called “Opportunity Zones” to give tax incentives to developers willing to invest in these areas.

This program was created thanks to the 2017 tax law Congress passed and President Donald Trump approved, and it’s one that has Hoosiers hope bring in new business.

George Dewitt invests in Center Township properties on the edge downtown Indianapolis. It’s one of the locations that could become one of the Opportunity Zones.

Dewitt said the area has seen better days and jobs can be hard to come by. But, he sees hope and said federal tax incentives to developers could do the trick to help turn around the area.

“The shopping needs to be established in the Twin Aire Plaza,” he said, referring to a shopping center near the intersection of South Rural Street and Southeastern Avenue. “It needs a face-lift and maybe a little boost.”

Holcomb submitted the 156 Opportunity Zones,which are in areas in low-income urban and rural communities. Businesses in those areas would have the chance to save on taxes if they are investing in operational, equipment or property management costs.     

The state said the average poverty rate in these areas is 31 percent. It covers the homes of 500,000 Hoosiers, and many areas are in need of more development. Many zones are around Marion County.    

“It could create a lot of opportunity. Both for businesses as well as homeowners,” Dewitt said.

If approved, the tax incentives will last in these areas for a decade to spur investment. The decision to approve will be up to U.S. Secretary of Treasury Steve Mnuchin.