Financial Facts

July 18, 2018

The new Tax Cuts and Jobs Act (the Act) has a lesser known provision that provides for new community development incentives designed to increase long-term investments in low income communities. Sections 1400Z-1 and 1400Z-2 of the IRS Code tries to spur economic development and job creation in distressed communities by providing incentives to investors.

The Act provides for the designation of specific low-income community population census tracts as Qualified Opportunity Zones (QOZs). A QOZ must be nominated by the State in which the tract is located and certified by the Secretary of the U.S. Treasury. The Act grants potential significant tax incentives to distressed communities through investments in QOZs.

VACo Contact: Vicky Steinruck, CPA

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