MIAMI, Fla. — Today, Governor Rick Scott announced recommendations to designate 68 census tracts in Miami-Dade and Monroe counties 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 Miami region continues to be an economic powerhouse in Florida, and we look forward to the additional advancement of this area through this new Opportunity Zone program. It is important not only to continue supporting the counties in Florida that are thriving, but to invest in the economic revitalization of the areas that need it the most. By encouraging investors to support these Low Tax Opportunity Zones, we will create new jobs and spur economic growth in these rural communities.”

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “These new Opportunity Zones advance Florida’s economic growth and target low-income areas in Miami. By investing in these areas, we will strengthen Florida and let the rest of the nation know our state is the perfect place to find a job, buy a home and raise your family.”

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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