Shelbyville is receiving an economic boost thanks to the federal government.
Illinois Governor Bruce Rautner announced that 327 land tracts have been approved for the Opportunity Zone Census tract, including an area in Shelby County that includes Shelbyville.
Opportunity Zones is a program through the federal government that present an opportunity for private, tax-free investment in low-income areas with economic need, benefiting both residents living in the area and private investors. The program is in its first year, having been established by the Federal Tax Cuts and Jobs Act of 2017.
State Repersenative Brad Halbrook of Shelbyville hailed the news as a huge economic opportunity for the area, saying, These areas are in desperate need of jobs, benefiting individuals and communities. This is a great opportunity to bring jobs and investments into east Central Illinois.”
The Opportunity zone includes most of the city and areas near Lake Shelbyville.