SB 570 - An Act Concerning Opportunity Zones

• Establishes a Deputy Commissioner of Economic and Community Development as the state's primary point of contact for federal opportunity zone programs established by the Tax Cuts and Jobs Act of 2017.

• Expands the permit ombudsman office to expedite permit reviews for projects in federally designated opportunity zones, along with other qualifying projects.

• Directs the Department of Economic and Community Development to identify and market ten geographically diverse vacant state-owned properties located in opportunity zones, with a priority list due by February 1, 2020.

• Creates a historic preservation tax credit of 25% or 30% (for opportunity zone properties) of qualified rehabilitation expenditures for certified historic structures, with credits transferable up to three times and capped at $31.7 million annually.

• Gives priority status to projects and applications located in federally designated opportunity zones across multiple state programs including investment funds, brownfield remediation grants, and industrial site investment programs.