WHAT IS AN OPPORTUNITY ZONE?
An Opportunity Zone is an economically distressed community where private investments, under certain conditions, may be eligible for capital gain tax incentives. Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act, signed into law by President Donald J. Trump on December 22, 2017, to stimulate economic development and job creation, by incentivizing long- term investments in low-income neighborhoods. (Source: eda.gov/opportunity-zones/)
The South Florida region contains 98 Qualified Opportunity Zones, with 30 in Broward County, 67 in Miami-Dade County, and 1 in Monroe County. Investors can defer tax payment on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged or until December 31, 2026.