Opportunity zone preferences given first-round approval

Senators advanced a bill from general file March 27 designed to rejuvenate economically disadvantaged areas.

LB87, introduced by Omaha Sen. Justin Wayne, would require that the state Department of Economic Development provide a preference for grant applications at least partially located within an opportunity zone as designated by the federal Tax Cuts and Jobs Act.

Projects that meet program requirements for the Affordable Housing Trust Fund, the Business Innovation Act, the Job Training Cash Fund and the Site and Building Development Fund and are located in an opportunity zone would be given priority consideration for funding.

Wayne said there are 44 areas in Nebraska that would be eligible for consideration under the bill.

“LB87 is designed to further encourage investment in these areas,” Wayne said.

Sen. Mike Groene of North Platte said he supported the bill, particularly because preferences would be given in all three of the state’s congressional districts.

“If all bills had that there’d be a lot more bipartisanship,” Groene said.

Senators advanced LB87 on a 32-0 vote.