The greater Berryville area is one a group of 85 Arkansas Opportunity Zones, and the only Opportunity Zone in Carroll County, that has been given the designation by the United States Treasury Department as a way to provide a strong economic boost in areas that need it.
According to a media release from Gov. Asa Hutchinson’s office, “Treasury’s approval means that some of our communities that are struggling economically will have the chance to enjoy the new opportunities that come with fresh thinking and new investment.” Hutchinson said the announcement will provide an opportunity in those areas.
The program, which is part of the federal Tax Cuts and Jobs Act of 2017, allows investors to defer payment of taxes on capital gains on profits that are earned in the zone area. They must invest the money through a corporation or partnership that was organized for the specific purpose of investing in Opportunity Zones.
The investor’s fund must hold at least 90 percent of its assets in qualifying property. The eligible zones are based on U.S. Census tracts, and governors of each state were allowed to nominate up to 25 percent of eligible tracts.
Arkansas has 337 qualified tracts, and Arkansas Economic Development Commission (AEDC) officials said the nominations were based on the potential to attract investment and the likelihood of economic success. The Arkansas Economic Development Commission will work closely with communities to find the right investment opportunities, AEDC Executive Director Mike Preston said.
“The Opportunity Zone in the Berryville area will provide a good chance for additional development here, especially at a time that we are emphasizing workforce development in Carroll County,” Berryville Economic Development Director Chris Claybaker said.
“The Opportunity Zone in Carroll County includes all of the City of Berryville, our newest industrial area and most of our existing industries,” Claybaker explained. “It covers an area of the county where we know there is investment potential.”
Historic Berryville, Arkansas is perhaps Northwest Arkansas’ best-kept secret. It serves as the retail hub of Carroll County, where that “hometown-feeling” is alive and well. Berryville’s quaint downtown Square, fascinating museums, and distinctive shops give little clues to the world-class caliber workforce producing world-recognized precision-manufactured custom firearms.
According to Claybaker there is a reason Tyson’s has located its largest U. S. operations in Carroll County. The top caliber workforce is backed by the community’s reputation as a place to grow your family or business, he said.
Please click here to return to the Berryville Works homepage.