February 20, 2018
Select Communities to Become Eligible for New Federal Tax Incentive for Private Investment
Local governments and other interested parties may now provide input on the designation of census tracts as “Opportunity Zones” eligible for a new federal tax incentive that seeks to promote private investment in low-income communities. The Opportunity Zone program, which was first proposed by a bipartisan group of lawmakers, was established by Congress in December 2017 as part of H.R. 1 (commonly known as the Tax Cuts and Jobs Act). This information sheet describes the developing process for designating a community as an Opportunity Zone, provides an overview of the key requirements of a qualified opportunity fund, and explains the tax incentives created by the program.