Law360 – Nebraska will give opportunity zones priority funding from certain economic development grant programs under recently enacted legislation. L.B. 87, which was signed by Republican Gov. Pete Ricketts on Wednesday after passing the unicameral Legislature unanimously, requires the state Department of Economic Development to give preference to grant applications from projects and businesses that are at least partially located within an opportunity zone designated under the federal Tax Cuts and Jobs Act.
Qualified projects must meet the program requirements for the Business Innovation Act, affordable housing trust fund, job training cash fund and site and building development fund.