DEO Press Releases

Gov. Scott Announces 34 Low Tax Opportunity Zone Designations for Jacksonville Area

Apr 19, 2018

JACKSONVILLE, Fla. — Today, Governor Rick Scott announced recommendations to designate 34 census tracts in the Jacksonville 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. 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, “The Low Tax Opportunity Zones created across the Jacksonville area will target both rural and urban areas for critical economic development. Business investments will continue to grow in these areas benefitting our hardworking families across Northeast Florida.”

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “While Northeast Florida’s economy continues to grow with new job creation and low unemployment, these new Opportunity Zones will target focused areas and bring jobs where they are most needed.”

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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