LINCOLN COUNTY – CITY OF STANFORD
What Are Opportunity Zones?
- Opportunity Zones are low-income, distressed and contiguous districts where investors can receive significant federal tax breaks and deferrals for investing in a variety of economic development projects.
- The federal Tax Cuts and Jobs Act of 2017 allowed each state’s governor to nominate certain census tracts as Opportunity Zones. Governors were required to submit nominations by March 21, 2018 or request a 30-day extension by that date.
- Opportunity Zones are effective for 10 years and are intended to assist both existing businesses and new businesses.
- Opportunity Zones can be used for redevelopment of blighted amenities and other infrastructure.
- Opportunity Zones should be used to create wealth and jobs: the goal is to create long term benefits for communities.