PRINCETON, IN (WFIE) - Good news for investors in Gibson County, a portion of the county has been declared an opportunity zone.
The recently declared opportunity zone covers almost four square miles over the North and West sides of Princeton, stretching from Main Street, West to Highway 41.
The City and the Gibson County Economic Development Corporation applied for the opportunity zone, and it was granted back in September.
What this means is that, within this zone, investors will pay less or potentially no capital gains tax from their investments, as compared to businesses just outside of the zone.
“It’s a huge deal because it has all this area out there where people can come in and invest in something that they think will... an apartment building, a restaurant or something that will benefit that community. And they can make money in that community and that investor can hold that investment for a period of time and avoid paying any capital gains tax,” Paul Waters, President of Gibson County Economic Development Corporation said.
Waters said the new Second Avenue that goes all the way down to Highway 41 is in the opportunity zone and there is a ton of bare ground out there waiting for investors.