What are Qualified Opportunity Zones?
Opportunity Zones are a new economic development tool designed to spur economic development and job creation in distressed communities. They were added to the Tax Cuts and Jobs Act on December 22, 2017.
Qualified Opportunity Zones are economically-distressed communities where new investments, under certain conditions, may be eligible for preferential tax treatment. Opportunity Zones are designated as such by the governor or chief executive of a given state, district, or territory. All 50 states, the District of Columbia, and U.S. territories are eligible to designate Opportunity Zones.