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According to the Internal Revenue Service, opportunity zones were added to the tax code under The Tax Cuts and Jobs Act of 2017. The bill has come under some criticism for creating another big tax break for the ultra-wealthy.
The only project to receive EDA funding in the state was awarded to South Sioux City. A short project description is listed below.
"This EDA investment funds construction of a new wastewater treatment facility to support business growth following the 2019 severe flood damage in South Sioux City, Nebraska, which is located near a designated Opportunity Zone. The new infrastructure will support the city's current and future business and industry sectors, which will provide long-term economic growth, business development, and help create jobs throughout the region."
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