Gov. Scott Announces 30 Low Tax Opportunity Zone Designations for Fort Lauderdale Area

Apr 19, 2018

FORT LAUDERDALE, Fla. — Today, Governor Rick Scott announced recommendations to designate 30 census tracts in Broward County 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, “Florida’s economy is growing each day, and we are seeing the creation of new businesses and job opportunities. These Low Tax Opportunity Zones will advance growth in rural areas helping to ensure no region falls behind. This new tool encourages investment in Florida’s targeted areas, creating jobs and providing new opportunities to Broward County families.”

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “These new Opportunity Zones in low-income areas of the Fort Lauderdale region are investments in Florida’s workforce. This program is another step towards our goal of making sure that any Floridian who is seeking a job can find one.”

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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