Gov. Scott Announces 35 Low Tax Opportunity Zone Designations for West Palm Beach Area

Apr 19, 2018

WEST PALM BEACH, Fla. — Today, Governor Rick Scott announced recommendations to designate 35 census tracts in the West Palm Beach 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, “I am proud of Florida’s booming economy, and it’s my vision that all parts of our state have the opportunity to thrive. Low Tax Opportunity Zones in the West Palm Beach area will add to Florida’s ongoing efforts to make our state a global destination to live and work. We are looking forward to the targeted investments that this program will bring to the West Palm Beach region.”

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “The new Opportunity Zones program is an additional tool for development and investment in Florida communities. The potential for growth in the West Palm Beach area is great, and the capital contributions of investors will continue our progress in revitalizing low-income and rural regions of the state.”

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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