Opportunity Zones (OZ’s) are a new community development program established by Congress in the Tax Cut and Jobs Act of 2017 to encourage long-term investments in low-income and urban communities nationwide.
OZ’s are an economic development tool—that is, they are designed to spur economic development and job creation in our distressed communities.
OZ’s offer investors the following incentives:
- A temporary tax deferral for capital gains reinvested in an Opportunity Fund. The deferred gain must be recognized on the earlier of the date on which the opportunity zone investment is sold or December 31, 2026.
Read more: https://www.slc.gov/ed/businessresources/salt-lake-citys-opportunity-zone-incentives/