Federal Tax Cut and Jobs Act of 2017 Update
Intended to encourage private investment in areas facing high poverty and slow job growth, the Federal Tax Cut and Jobs Act of 2017 authorizes the governor of each state to recommend areas for designation as “Opportunity Zones.”
The program seeks to induce long-term investment through the use of tax incentives through provisions allowing investment in these areas to avoid federal capital gains taxes. Governors in each state must recommend 25% of eligible low-income, high-poverty census tracks to the U.S. Treasury Secretary for certification as an Opportunity Zones.
Pursuant to this direction, Governor Scott released a list of 427 census tracts recommended to be designated. The U.S. Department of Treasury has 30 days to certify the nominated tracts.
Once the zones are certified, local communities are encouraged to promote their Opportunity Zones for private investment.
The full list of census tracts nominated as Opportunity Zones can be found here.
For a interactive map showing the location of the nominated Opportunity Zone program, click here.
To view an FAQ on the Opportunity Zone program, click here.