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Tuesday, October 1, 2024

EDA awards $350,000 in grants for economic development projects in Colbert County in 2020

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The US Economic Development Administration (EDA) awarded $350,000 total in Opportunity Zone grants in 2020 in order to fund economic development projects in Colbert County.

The only grant awarded in the county was $350,000, to Northwest Alabama Council of Local 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 Alabama in 2020.

Total awarded by county in Alabama (2020)
RankCountyTotal
1Russell County$3,917,111
2Jefferson County$3,365,000
3Sumter County$2,271,900
4Montgomery County$770,000
5Colbert County$350,000
6Houston County$300,000
7Wilcox County$262,500

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