IRS Zones Could Mean Tax Breaks for Businesses

The Internal Revenue Service has approved special zones in 18 states, including California.

Posted: Apr 12, 2018 4:48 PM

Butte County Calif.—The Internal Revenue Service has approved special zones in 18 states, including California.

This could mean some tax breaks for some businesses.

The opportunity zones are where new investments under certain conditions may be eligible for preferential tax treatment, which could potentially defer their federal tax obligations.

There are nine of these zones in the north state.

Six of them are in Chico, and three in Oroville.

All of the zones are in areas where we may see commercial development.

The priority is on low income communities with the idea to spur investment into those places.

The hope is that businesses will take advantage of the opportunity and come and grow in Butte County.

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Cloudy skies and very light scattered showers are lingering across northern California for the start of your Wednesday, but we'll be clearing out and warming up Wednesday afternoon. We'll be sunny and warmer on Thursday, but clouds will increase Friday. More showers are looking likely Friday night into Saturday, but we'll dry out again for Halloween on Sunday.
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