Gov. Tate Reeves on Friday announced Lauderdale County is among 50 Mississippi counties to have new Opportunity Zone designations from the U.S. Treasury. In total, 102 census tracts throughout the state received the designation, which is aimed at fostering investment and economic growth.
First launched in 2017, the Opportunity Zones program provides federal tax incentives to encourage private investment and development in low-income communities. Census tracts receive the Opportunity Zone designation for a period of 10 years.
“Mississippi is competing for investment and winning, and we want communities in every corner of our state to share in that success,” said Gov. Reeves. “These 102 Opportunity Zones create new opportunities to attract private capital, strengthen local economies and bring more jobs and investment to areas that have tremendous potential for growth. We’re building on Mississippi’s economic success and giving even more communities the tools to compete for the investments that will shape their futures.”
A second round to nominate Opportunity Zones came earlier this year, with governors having 90 days to nominate up to 25% of their states’ low-income census tracts. Eligible zones had to have a poverty rate of at least 20% or a median family income less than 70% of the benchmark.
In a news release announcing the designations, Mississippi Development Authority Executive Director PJ Waldrop said the program is another way for the Magnolia State to compete while also providing an avenue to bring needed economic activity to rural communities.
“Access to capital is essential to economic development, particularly in communities where traditional investment can be more difficult to attract,” said Waldrop. “Opportunity Zones provide another tool to help Mississippi communities compete for private investment and move development projects forward. With 78 rural tracts included in these designations, we have an opportunity to connect more of our state’s communities with investment that can generate economic activity and create jobs.”
The new opportunity zone designations are set to go into effect Jan. 1, 2027.