WASHINGTON, D.C. – A new community development initiative included in the Tax Cuts and Jobs Act allows the designation of Opportunity Zones within low- or moderate-income communities, and encourages economic development and job growth by providing new tax incentives for those who make long-term investments there.
After the Tax Cuts and Jobs Act was signed into law, governors from each state and territory were directed to designate certain areas as Opportunity Zones. These areas would become eligible for tax-advantaged private investments through the Opportunity Zones Program over the next decade, to help spur investment. Every state or territory can designate up to 25% of its census tracts that meet income qualification requirements. The deadline for states to submit their designations to the Treasury Department is March 21, 2018.
“These new Opportunity Zones, created by the Tax Cuts and Jobs Act, will help bring new investments into communities that have been disadvantaged. By encouraging long-term investment in these areas, we will revitalize neighborhoods across our country,” said Congressman Tom MacArthur. “Families across New Jersey are already seeing bigger paychecks, lower utility bills, and increased bonuses, as a result of the tax cuts we passed, and this program is another example of how our efforts will benefit our state. As Governor Murphy implements this benefit of the Tax Cuts and Jobs Act, I am looking forward to seeing the list of communities across our state that will benefit from Opportunity Zones in the March 21 submission.’
Contact: Camille Gallo