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Monday, September 30, 2024

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

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

The only grant awarded in the county was $140,000, to Southside Planning District Commissions.

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 Virginia in 2020.

Total awarded by county in Virginia (2020)
RankCountyTotal
1Franklin County$13,847,215
2Richmond city$10,260,920
3Pulaski County$2,500,000
4Montgomery County$2,219,184
5Newport News city$1,596,000
6Martinsville city$799,163
7Russell County$770,000
8Lynchburg city$726,000
9Norfolk city$549,900
10Buchanan County$150,000
11Mecklenburg County$140,000
11Richmond County$140,000
11Scott County$140,000
14Petersburg city$100,000

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