Several Eastern Kentucky communities could benefit from a tax incentive plan aimed at attracting business investment in the region.

As part of an initiative created by federal tax reform, numerous areas in Eastern Kentucky have been designated as “Opportunity Zones.” The Kentucky Cabinet for Economic Development announced this week that 144 sites in 84 Kentucky counties have been selected as Opportunity Zone tracts.

SOAR Executive Director Jared Arnett said the initiative will provide tax incentives to companies and private investors in hopes of attracting them to invest in some of the poorest areas of the country, but areas that already have certain resources that could foster economic growth.

Arnett said SOAR worked in the background on the project. The organization help draft proposals for local communities that met certain criteria to be considered to be part of an Opportunity Zone.

Among the areas included in the Opportunity Zone initiative are the cities of Prestonsburg, Paintsville, Elkhorn City and Jenkins; most of the City of Pikeville, and most of Martin and Magoffin counties.

The Opportunity Zone initiative is not specific to Kentucky. Other state’s across the nation also have designated Opportunity Zones.

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