Opportunity Zones, what are they and how can small business owners and funding entities benefit by using this program. Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act and signed into law by President Trump on December 22, 2017, to stimulate economic development and job creation by incentivizing long-term investments in low-income neighborhoods. More than 35 million Americans live in nearly 9,000 specially-designated Qualified Opportunity Zones, which were identified by Governors and certified by the Department of the Treasury, throughout the U.S. and its territories. The Opportunity Zone Initiative provides a special tax incentive, which allows investors to defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged or until December 31, 2026.
Speaker(s): Ed Ramos - Small Business Administration, Senior Area Manager
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