OKC's Opportunity Zones provide incentives for investmentPublished: Wednesday, February 13, 2019 By: David McCollum Source: VeloCity
What, exactly, is an Opportunity Zone?
An Opportunity Zone is a designation created by the Tax Cuts and Jobs Act of 2017 allowing for certain investments in lower income areas to have tax advantages. The purpose of this program is to put capital to work that would otherwise be locked up due to the asset holder's unwillingness to trigger a capital gains tax.
The zones were proposed by U.S. Sen. Tim Scott and supported by Sean Parker's Economic Innovation Group. States may designate up to 25 percent of low-income census tracts as Opportunity Zones.