DEO Press Releases

Gov. Scott Announces 18 Low Tax Opportunity Zone Designations for Tallahassee Area

Apr 19, 2018

TALLAHASSEE, Fla. — Today, Governor Rick Scott announced recommendations to designate 18 census tracts in the Tallahassee 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. 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, “These new Low Tax Opportunity Zones are designed to attract business and investment to encourage growth in targeted areas to provide opportunities for North Florida families. Economic growth in these areas will continue the progress our state has made to ensure every Floridian has the opportunity to work and provide for their family.”

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “New Opportunity Zones in the Tallahassee area and across these nine counties will provide another tool to grow the economy in the Capitol region. This will attract businesses to invest in these high-need areas of the state to help all of our families be successful.”

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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