The Opportunity Zones Program has been introduced as an innovative approach to unlocking long-term private investment to support low-income urban and rural communities in every U.S. state and territory.
HOW are Opportunity Zones Beneficial?
Investors are eligible to receive certain tax benefits on unrealized capital gains reinvested in Opportunity Zones through pooled Opportunity Funds. The program is designed to minimize cost and risk to the taxpayer. Investors bear the risk on all their originally deferred capital gains, minus a modest reduction for long-term holdings, regardless of whether subsequent investments have increased or decreased in value. Neither tax credits nor public-sector financing is involved.
WHERE are Opportunity Zones located?
As of February 2019, 8,740 Qualified Opportunity Zones have been designated by the US Government. In 2018, 427 census tracts were nominated by Florida Governor, Rick Scott and designated as such by the U.S. Department of Treasury. A full list of Florida's Opportunity Zones can be found here. An interactive map showing the location of all Qualified Opportunity Zones is available here.
Pasco County has 17 eligible Qualified Opportunity Zones depicted in the map below:
Pasco County Opportunity Zones Map
Pasco County hopes to leverage Opportunity Zones as an important tool to support the development of jobs, affordable housing and economic vitality in these areas.
Pasco County, now the 12th largest county in Florida has a population of approximately 525,000 with an annual growth rate of nearly 3%. The home-ownership rate in Pasco County, FL is 70.3%, which is higher than the national average of 63.9%.
Other Resources: Department of Housing and Urban Development click here