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Spanning the Region

Tuesday, March 13, 2018

Apply Now for Opportunity Zone Designation

The Opportunity Zones community development program was established by Congress in the Tax Cuts and Jobs Act of 2017. The goal of this new federal program is to revitalize distressed communities across the nation with incentives that encourage long-term investment and job creation. It provides a tax incentive for investors to re-invest unrealized capital gains into Opportunity Funds that are dedicated to investing into Opportunity Zones designated by the chief executives of every U.S. state and territory. The program allows up to 25 percent of a state’s low-income census tracts to be designated Opportunity Zones. The designation remains in place for 10 years, allowing time to spur investment in these communities through capital gains tax incentives.

The U.S. Department of the Treasury has established procedures for nominating qualified Opportunity Zones and a mapping tool with eligible census tracts. Recommendations must be submitted no later than March 21, 2018; states may request a single 30-day extension. For more information, please read the press release or visit the Economic Innovation Group website.