Opportunity Zones Resources The authority to implement IRC 1400Z-1 and 1400Z-2 has been delegated to the IRS. The CDFI Fund is supporting the IRS with the Opportunity Zone nomination and designation process under IRC 1400Z-1 only. Treasury and IRS have issued final regulations on how the Qualified Opportunity Zone (QOZ) tax benefits under IRC 1400Z-2…
An Opportunity Zone is an economically-distressed community where new investments may be eligible for preferential tax treatment.
The Governors of each state nominated up to 25 percent of census tracts that either have poverty rates of at least 20 percent or median family incomes of no more than 80 percent of statewide or metropolitan area family income plus 5% of each states nominated tracts were exempt from low income qualification.
The IRS then qualified 8,700+ of the nationally nominated census tracks as opportunity zones equal to approximately 1 percent of the US land area.
Opportunity Zones are designed to spur economic development by providing tax benefits to investors and to encourage long-term investments in low-income urban and rural communities nationwide.