Opportunity Zones are census tracts generally composed of economically distressed communities that qualify for the Opportunity Zone program, according to criteria outlined in 2017’s Tax Cuts and Jobs Act. Up to 25% of low-income neighborhoods that meet the income qualifications of the program (and up to 5% of non-low income tracts that meet other income and geographic requirements) in each state, district, or territory can be designated as Opportunity Zones. Opportunity Zones are created through a nomination and designation process. As of February 2019, there are two designated Opportunity Zones in Boynton Beach:
Areas certified as Opportunity Zones retain their designation for ten years. To receive access to capital gain tax incentives, investors can invest in Qualified Opportunity Zones through Opportunity Funds.
Investors can access capital gains tax incentives available exclusively through the Opportunity Zone program. To access these tax benefits, investors must invest in Opportunity Zones specifically through Opportunity Funds. Learn more about these funds at the IRS FAQ section.
Download: Opportunity Zones presentation