Opportunity Zones: An EDA Priority

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EDA Update

Thursday, August 15, 2019

Opportunity Zones: An EDA Priority

EDA is encouraging its economic development partners to think of Opportunity Zone investment as a new arrow in their quiver to not only enhance ROI for business interests, but also to encourage the public/private partnerships needed to drive private investment to distressed areas.  

We now have an EDA Opportunity Zone Web page for economic development stakeholders and others to use as a resource to further help foster job creation and attract private investment to support development in economically distressed areas across the United States.

An Opportunity Zone is an economically-distressed community where private investments, under certain conditions, may be eligible for capital gain tax incentives.

Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act, signed into law by President Donald J. Trump on December 22, 2017, to stimulate economic development and job creation, by incentivizing long- term investments in low-income neighborhoods.

There are more than 8,760 designated Qualified Opportunity Zones located in all 50 States, the District of Columbia, and five United States territories. Investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged or until December 31, 2026.

Recently, EDA has taken steps to prioritize Opportunity Zones: