The U.S. Department of the Treasury and Internal Revenue Service (IRS) have approved Michigan’s application for Opportunity Zones, which are areas eligible for tax benefits aimed at spurring private investment, economic growth and jobs in the state’s distressed communities.The recent Tax Cuts and Jobs Act established Opportunity Zones, and Gov. Rick Snyder nominated the state’s 287 eligible census tracts zones for U.S. Treasury’s consideration and approval. The preferential tax treatment is connected to the longevity of an investor’s stake in a qualified Opportunity Fund and provide the most upside to those who hold their investment for 10 years or more. The fund can be used as a primary investment in a variety of activities, such as creating a new business, new commercial or residential real estate, or infrastructure. They also can be used to invest in existing businesses if it doubles the investment basis over 30 months.Michigan was one of 18 states approved in the first round of designations. Interested entities will have to apply to U.S. Treasury to establish an Opportunity Fund.