The Tax Cuts and Jobs Act passed at the end of December 2017 allows Governors in each state to name certain census tracts as Opportunity Zones. The Opportunity Zone program was enacted to spur economic development by providing tax benefits to investors, encouraging long-term private sector investments in low-income communities.
Take advantage of Opportunity Zone benefits
When you sell an investment you can take the proceeds and invest them in a business or property within Effingham's Opportunity Zone. This investment allows you to defer paying tax on the proceeds of your gain by reinvesting it in Opportunity Zone property. If you keep your investment in the Opportunity Zone property or businesses for ten years, you would become eligible for an increase in basis equal to the fair market value of the investment when you sell or exchange it.
Find more information
- Internal Revenue Service: Opportunity Zone frequently asked questions
- Economic Innovation Group: Opportunity Zone Information
Effingham Opportunity Zone Map