The 2017 Tax Cuts and Jobs Act (TCJA) has become a beacon of hope and integral to a vital economic upturn for the town of Springfield, Vermont. For generations Springfield, Vermont, which lies close to the border of Vermont and New Hampshire on the Connecticut River, was the home to a booming manufacturing industry.
However, the economic backbone of this community began to falter in the 21st century as the manufacturing business moved overseas.
Bob Flint, the executive director of the Springfield Regional Development Corporation, said that the tax break incentive for small businesses and the newly introduced Opportunity Zones provided by the TCJA, have “stimulated really interesting projects.”
In Springfield, two multi-unit residential properties have already been purchased through this zoning program. Local supporters have suggested that limited regulatory restrictions provided by the TCJA have led to an increased ease in setting up businesses, and therefore the great success of these zones. Going forward, there is continued optimism about the opportunities for these zones provide, including growth of small businesses, job creation and affordable housing projects across the state.
The TCJA is making it easier for every day Americans to pursue the American Dream and start their own businesses. Springfield, Vermont is one of many examples of cities and towns across America being revitalized because of the TCJA.