PANAMA CITY, Fla. — Today, Governor Rick Scott announced recommendations to designate 12 census tracts in the Panama City area as Low Tax Opportunity Zones. Low Tax Opportunity Zones, as established in the federal Tax Cut and Jobs Act of 2017, encourage long-term investment and job creation in targeted communities by reducing taxes for many job creators. Low Tax Opportunity Zones enhance local communities’ ability to attract businesses, developers and financial institutions to invest in targeted areas by allowing investors to defer capital gains taxes through investments in federally established Opportunity Funds. Earlier today, Governor Scott announced his recommendation to designate 427 communities across every Florida county as Opportunity Zones.

To find out where the Opportunity Zones are located in your area, click HERE.

Governor Scott said, “The investments that will follow these new Low Tax Opportunity Zones will benefit the hardworking families in Panama City and rural areas throughout our state. The continued economic growth in these areas will enable families to live and work in their hometowns.”

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “We are proud to support rural communities across the Florida Panhandle. The communities selected for this new program will flourish from the positive impact of Opportunity Zones and the new investments they will see.”

The U.S. Department of the Treasury has 30 days to certify each state’s recommendations. After the Zones are approved, the federal government will begin the rulemaking process to designate how Opportunity Funds are created and how businesses, developers and financial institutions can invest in qualified Zones.

The full list of census tracts nominated as Opportunity Zones can be found HERE. Governor Scott’s letter to U.S. Treasury requesting the designated zones can be found HERE. An FAQ on the Opportunity Zone program can be found HERE.

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