The Federal Tax Cuts and Jobs Act of 2017 included provisions for a new revitalization tool, the Opportunity Zone and Opportunity Fund. Broadly speaking, the Zones and Funds will allow investors to receive tax benefits on currently unrealized capital gains by investing those gains in qualified census tracts (Opportunity Zones). While the federal government is responsible for defining the investment process, the Governor of each state has until March 22, 2018, to nominate 25 percent of qualified census tracts as "Opportunity Zones." In order to facilitate the selection process, the Governor is seeking input regarding economic conditions and economic development goals and opportunities in your community.
You can find information about Opportunity Zones and our selection criteria on a new WEBPAGEthat has been established to support this process. There are additional links to more information there, as well as several ways to engage with us and provide input on the tract selection process.Due to the tight timeline for nominating the Opportunity Zones, we have a strict deadline for input of March 2, 2018.
The Department of Housing and Community Development has sent an email to the Chief Administrative Officer of each Town, City, and County containing a link to a custom input survey. This survey asks the local official to prioritize the eligible census tracts in their locality and provide a rationale for their selections.Again, responses must be received by March 2, 2018.
*There will be awebinar on the Opportunity Zone Designation Process Wednesday, February 21 at 12:00 pm. The call-in information is below. There is no need to preregister for this webinar.*
Meeting number: 593 907 903
Audio connection: 1-866-8425779
Conference Code:475 623 3278
For additional guidance contact