Gov. Tom Wolf is trying to make it easier for two Beaver County municipalities to attract new business.
Gov. Tom Wolf is trying to make it easier for two Beaver County municipalities to attract new business.
Wolf on Friday nominated Beaver Falls and Midland for a special federal program that offers tax incentives to businesses that locate in a certain area. Called Qualified Opportunity Zones, the program provides tax breaks to companies as a reward for investing long-term in low-income communities.
The entire communities of Midland and Beaver Falls are included in Wolf’s nomination, which must be approved by the U.S. Treasury Department. No timeline was offered on when a final decision will be made.
State Sen. Elder Vogel on Friday said he was “pleased” to see the two local communities nominated for the program.
“This incentive program would be another outstanding tool for these communities to use to attract new businesses,” he said in a news release. “This program, coupled with the cracker plant project, would only make our area even more attractive for investment and economic development.”
In addition to Midland and Beaver Falls, New Castle in Lawrence County was also nominated for the program.