Four Areas of City Named "Opportunity Zones" for Investment
Government
SRQ DAILY MONDAY BUSINESS EDITION
MONDAY FEB 18, 2019 |
Four economically distressed areas of the City could soon see long-term investment and job creation after being designated as “Qualified Opportunity Zones” under the federal Tax Cuts and Jobs Act of 2017. The program helps to revitalize low-income communities by providing tax advantages for private individuals and corporations who invest in an Opportunity Zone Fund. It encourages the private sector to reinvest capital gains from other investments into businesses and start-ups located in these Qualified Opportunity Zones. The four zones, outlined on the website below, mirror U.S. Census Tracts and were selected based on poverty rate, family income, unemployment and other factors. The City identified and recommended six Census Tracts in the City limits for consideration by former Florida Gov. Rick Scott. About 8,700 Census Tracts around the country qualified.
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