What do Opportunity Zones mean for foundations and philanthropy?
Created by changes to the tax code in the Tax Cuts and Jobs Act in December 2017, Opportunity Zones are state-nominated, economically depressed communities that are in need of new investment. These investments could, under certain circumstances, be eligable for preferential tax treatment in an effort to help spur economic development.
Foundations can and should play a role in supporting the eco-system that will ensure the success of opportunity zones.
In-Depth knowledge on Opportunity Zones
In a March 2018 speech in Cincinnati, President Trump obliquely touted the Qualified Opportunity Zones (QOZs) as a feature of the tax overhaul. Since inclusion in the 2017 tax law, Opportunity Zones have gained traction with the government designating zones in all 50 states and five U.S. territories. Foundations can and should play a role in supporting the eco-system that will ensure these funds be successful.