DEO Press Releases

Gov. Scott Announces 28 Low Tax Opportunity Zone Designations for Southwest Florida

Apr 19, 2018

FORT MYERS, Fla. — Today, Governor Rick Scott announced recommendations to designate 28 census tracts in Southwest Florida 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. Low Tax 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, “I am proud that many rural areas across the Southwest Florida region are being designated as Low Tax Opportunity Zones. This program will attract crucial capital investment to create jobs and encourage economic growth that helps our hardworking families in these rural communities achieve success.”

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “The Opportunity Zone program is ideal for the many rural communities across Southwest Florida that are seeking to grow their economies and revitalize their areas. These investments will help the area’s economy thrive and attract businesses and jobs to these targeted areas.”

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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