What Are Qualified Opportunity Zones? Important Details for Investors
Opportunity zones are identified by the IRS as communities in need of economic development and revitalization. Through tax incentives and investments in these underdeveloped areas, opportunity zones became part of the Tax Cuts and Jobs Act of 2017 and can boast of being one of the few pieces of legislation that actually received bipartisan support. The legislation helps to promote community development, an increased tax base, and job creation in over 8,000 designated areas of the United States.
The U.S. Department of the Treasury further classifies these communities into qualified opportunity zones (QOZ), whose development offers various tax benefits for investors who invest in qualified
