Opportunity Zones
Opportunity Zones are a community development program established by Congress to encourage long-term investments in low-income and urban communities nationwide. Opportunity Funds allow U.S. investors holding unrealized gains in stocks and mutual funds to pool their resources in projects located in Opportunity Zones, which will be invested in rebuilding low-income communities. U.S. investors are eligible to receive:
- A temporary tax deferral for capital gains invested in an Opportunity Fund.
- A step-up in basis for capital gains reinvested in an Opportunity Fund.
- A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in a qualified opportunity zone fund if the investment is held for at least 10 years.
Work Opportunity Tax Credit
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers for hiring individuals from one of ten targeted groups who have consistently faced significant barriers to employment. the WOTC is equal to 40% of up to $6,000 of wages paid to, or incurred on behalf of, an individual who is (1) in their first year of employment; (2) is certified as being a member of a targeted group; (3) and performs at least 400 hours of services for that employer.
- Qualified IV-A Recipient: An individual that has received TANF for at least 9 months.
- Qualified Veteran: Veteran that has received SNAP, Unemployment, or service disability.
- Ex-Felon: Person hired within a year of being convicted or released from a felony.
- Designated Community Resident: Any individual between 18 and 40 that residents in either a) Empowerment Zone b) Enterprise Community c) Renewal Community.
- Vocational Rehabilitation Referral: A person with physical or mental disability
Summer Youth Employee: Anyone between 16 and 18 that lives in designated community. - SNAP Recipient: Anyone between 18 and 40 and a member of a family that has received SNAP benefits.
- Supplement Security Income Recipient: A person that has received SSI with 60 days of employment.
- Long-Term Family Assistance Resident: A person that has received assistance under the Title IV-A program (education. program for disadvantaged students).
- Qualified Long-term Unemployment: Anyone unemployed for at least 27 consecutive months.
Low Income Housing Tax Credit
The Low-Income Housing Tax Credit (HTC) Program is a financing program for qualified residential rental properties. The HTC program offers investors a 10-year reduction in tax liability in exchange for capital to build eligible affordable rental housing units in new construction, rehabilitation, or acquisition with rehabilitation. Leech Lake area is also considered a Difficult Development Area, opening additional opportunities for low-income housing incentives in Cass Lake.
Buy Indian Act
The Buy Indian Act provides the Bureau of Indian Affairs (BIA) with the authority to set-aside procurement contracts for Indian-owned and controlled businesses. BIA must use the negotiated authority of the Buy Indian Act to give preference to Indians whenever the use of that authority is authorized and practicable. The Buy Indian Act provides that so far as may be practicable Indian labor shall be employed and purchases of the products of Indian industry may be made in open market at the discretion of the Secretary of the Interior.
Programs
Provides participating and certified small businesses located in areas with low income, high poverty, or high unemployment with contracting opportunities in the form of set-asides, sole-source awards, and price-evaluation preferences.
A program for native-owned business to qualify for sole-source and competitive set-aside contracts on federal procurements. The Federal government is committed to procuring at least 5% from typically disadvantaged small business owners.
A partial loan guarantee program that can guarantee up to $2 billion in loans to support economic opportunities to tribes through energy development projects and activities. Under this solicitation, DOE can guarantee up to 90 percent of the unpaid principal and interest due on any loan made to a federally recognized Indian tribe or Alaska Native Corporation for energy development