From the June 2019 NGA State Summit on Opportunity Zones. Includes OZ overview, current statues, state administrative offices responsible for OZs, relevant state legislation, and update on federal regulations.
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
View the census tracts eligible for Opportunity Zone designation.
Learn about options community foundations can take to use the Opportunity Zone incentive to support their mission.
Discover how you can position your community foundation to best take advantage of opportunity zones.
Learn more from the Mission Investors Exchange about the benefits, risks, and potential of opportunity zones.
Learn more about which opportunity zones are positioned to bring the most positive impact on their communities.
View IRS resources 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.