Created as part of the Tax Cuts and Jobs Act, Opportunity Zones are a federal economic development tool aiming to improve the outcomes of distressed communities around the country.
Opportunity Zones are low-income census tracts that offer tax incentives to groups who invest and hold their capital gains in Zone assets or property. By investing in Opportunity Zones, investors stand to gain a temporary deferral on their capital gains taxes if they hold their investments for at least 5 years, and a permanent exclusion from a tax on capital gains from the Opportunity Zones investments if the investments are held for 10 years.
(Source: Council of Development Finance Agencies (CDFA))
For more information about how Opportunity Zones work, a directory of designated areas, or additional information, please visit the CDFA website or the Pennsylvania Department of Community and Economic Development website.View more information about Pittsburgh’s Opportunity Zones.