Quantcast

Portland Maine News

Friday, November 22, 2024

EDA awards $140,000 in grants for economic development projects in Cumberland County in 2020

Adobestock 251268502

Adobe Stock

Adobe Stock

The US Economic Development Administration (EDA) awarded $140,000 total in Opportunity Zone grants in 2020 in order to fund economic development projects in Cumberland County.

The only grant awarded in the county was $140,000, to Greater Portland Council of Governments.

According to the Internal Revenue Service, opportunity zones were added to the tax code under The Tax Cuts and Jobs Act of 2017. The bill has come under some criticism for creating another big tax break for the ultra-wealthy.

The following table shows how much the EDA invested in projects in all counties in Maine in 2020.

Total awarded by county in Maine (2020)
RankCountyTotal
1Kennebec County$704,030
2Penobscot County$414,431
3Androscoggin County$140,000
3Cumberland County$140,000
3Lincoln County$140,000

MORE NEWS