The Opportunity Zones incentive is a new community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide.
These new investments, under certain conditions, may be eligible for preferential tax treatment. Created as part of tax reform, Opportunity Zones offer incentives to private investors taking an equity stake in community development at the basis of need and opportunity. Tiered tax benefits are tied to investments at various terms. Benefits include a temporary deferral and reduction of tax liability, as well as a potential of full exemption on earnings.
Further information is being provided by the IRS and Treasury Department regarding the implementation.
CREAM and its partners periodically host seminars to help navigate these new regulations .
A full list of the designated Qualified Opportunity Zones (QOZs) can be found at the link below. This spreadsheet was updated on December 14, 2018, to include two additional census tracts in Puerto Rico.
Join us for one of our seminars featuring industry experts who will explore the ins and outs of the new law, the emerging regulations and guidance, and the efforts of the newly created White House Opportunity and Revitalization Council to ensure you understand how the new laws and regulations work and how you can benefit from it.