New fed tax breaks favor Stanly tract, ABC

Last week’s announced Opportunity Zones by the U.S. Treasury translates into another boost for the Albemarle Business Center (ABC) and those companies that invest in the project. A swath of property in Stanly County and part of Albemarle where the 282-acre ABC site lies is in one of the 252 areas in North Carolina certified as an official Opportunity Zone by the federal government.

U.S. Rep. Richard Hudson (NC-08) championed the efforts as necessary for successful economic development in distressed areas.

“I’ve traveled across our state and heard and seen businesses expanding and creating new jobs, workers getting more money in their paychecks, and families seeing tax cuts — all because of the Tax Cuts and Jobs Act,” said Hudson. “North Carolinians are optimistic, but there are some communities that still need help as the economy rebounds. This Opportunity Zone announcement is good news and yet another example of how tax reform is improving lives and revitalizing our communities.”