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River Valley Today

Wednesday, November 13, 2024

EDA awards $704,030 in grants for economic development projects in Kennebec County in 2020

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The US Economic Development Administration (EDA) awarded $704,030 total in Opportunity Zone grants in 2020 in order to fund economic development projects in Kennebec County.

The only grant awarded in the county was $704,030, to Maine Space Grant Consortium.

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 Maine in 2020.

Total awarded by county in Maine (2020)
RankCountyTotal
1Kennebec County$704,030
2Penobscot County$414,431
3Androscoggin County$140,000
3Cumberland County$140,000
3Lincoln County$140,000

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