The US Economic Development Administration (EDA) awarded $882,500 total in Opportunity Zone grants in 2020 in order to fund economic development projects in Providence County.
The largest grant awarded in the county was $595,000, to RI Bio.
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 Rhode Island in 2020.
Total awarded by county in Rhode Island (2020)
| Rank | County | Total |
|---|---|---|
| 1 | Newport County | $3,700,000 |
| 2 | Providence County | $882,500 |
