Rep. Abney Receives Legislator of Year Award for Establishing Economic Opportunity Zones

Rep. Abney Receives Legislator of Year Award for Establishing Economic Opportunity Zones

House Finance Committee Chairman Marvin Abney received the Legislator of the Year Award by the Rural Jobs Coalition for his efforts in passing Economic Opportunity Zone legislation in Rhode Island.

“It was an incredible honor to be recognized with this award. I believe economic opportunity zones have the ability to transform Rhode Island in positive and sustainable ways and I am eager for the communities of our state to take advantage of this program to ensure future success,” said Abney.

Abney was presented with the award during an NCLS conference in Nashville, Tennessee last month.

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Abney & Opportunity Zones

Abney was selected due his leadership in helping to grow small businesses and create new jobs in Rhode Island by providing greater economic opportunity and the ability to keep those who want to reside, work and raise a family in Rhode Island within the state. 

The Opportunity Zones program is a new economic development tool for designated Rhode Island communities to attract private equity investment in businesses and real estate.

This program provides a tax incentive for private investors to direct capital gains into equity investments in qualified projects within designated Opportunity Zones.

The incentive is designed to encourage long-term investment - with certain tax benefits kicking in only after maintaining the investment for at least ten years.

Rhode Island Opportunity Zones are located in twenty-five census tracts spread across the following fifteen municipalities: Bristol, Central Falls, Cranston, Cumberland, East Providence, Narragansett, Newport, North Providence, Pawtucket, Providence, South Kingstown, Warren, West Warwick, Westerly, and Woonsocket.