Norcross Announces 16 New ‘Opportunity Zones’ in South Jersey

CHERRY HILL, NJ – Today, U.S. Congressman Donald Norcross (NJ-01) announced that 16 areas in New Jersey’s First Congressional District have been designated “opportunity zones” and will have pathways opened to kick-start economic revitalization.

An “opportunity zone” is a newly-created designation by the United States Treasury that will encourage investment in specific neighborhoods throughout New Jersey and the country. Norcross’ announcement follows approval from the Treasury Department of the nominations put forward by the State of New Jersey and Governor Phil Murphy.

“We’re bringing much-needed investment to our communities and I look forward to welcoming new businesses to South Jersey,” said Congressman Norcross. “These 16 areas in South Jersey will have the opportunity to show off their full potential after struggling to recover from the 2008 financial crisis or watching jobs shipped overseas. I am excited to see how these ‘opportunity zones’ will grow into places that will attract and sustain the best New Jersey has to offer.”

Of the 169 opportunity zones approved today, seven are in Camden City, two in Pennsauken, two in Glassboro and one each in Lindenwold, Pine Hill, Deptford, Woodbury and Palmyra.

“Opportunity zones” were created through a bipartisan initiative introduced by U.S. Senators Corey Booker (D-NJ) and Tim Scott (R-SC), which was passed into law in December 2017. The program creates a new tax-deferred fund for the public and private sectors to work together to create new businesses, jobs and investment in places that are facing slow growth. Investors will be able to defer or reduce federal tax liability on income directed to a fund and invested in “opportunity zones,” providing entrepreneurs with more access to capital for projects within the zone.

Norcross added: “We need every entrepreneur and business in South Jersey to be given the tools needed to succeed, and I thank Governor Murphy for cultivating economic growth. When our cities and towns thrive, we all thrive – and our brightest days are yet to come.”

Related Content

• Norcross was named Co-Chair of House Democrats’ “Rebuilding America” task force onSeptember 13, 2017.
• Norcross hosted colleagues in South Jersey for a day-long forum on ‘The Future of Work, Wages and Labor’ on August 4, 2017.
• Norcross founded the Congressional Building Trades Caucus, which launched a bipartisan infrastructure series on April 5, 2017.
• Norcross was appointed to serve on the House Committee on Education and the Workforce and he vowed to represent New Jersey working families on January 5, 2017.

###