USA Opportunity Zones
Thursday, May 06, 2021
More than 8,700 opportunity zones have been designated across the United States, established as part of the 2017 Tax Cuts and Jobs Act, and are intended to foster long-term private sector investments in low-income communities. We can now begin to show the intersection of EDA's public investments and activities (more information will be added) near or within these zones. An initial assessment on the impact of these zones is available in this August 2020 report from the Council of Economic Advisors.
What are Opportunity Zones?
Qualified opportunity zones were created by the federal 2017 Tax Cuts and Jobs Act and designed to spur economic development by bringing private investment to areas that might otherwise have difficulty attracting it.
These zones (8,764) consist of low-income census tracts nominated by each of the 50 states and U.S. territories and comprise economically distressed areas where new investments may be eligible for preferential tax treatment and the resulting investments, according to the U.S. Treasury.