DEO Press Releases

Gov. Scott Announces 108 Low Tax Opportunity Zone Designations for Tampa Bay Area

Apr 19, 2018

TAMPA, Fla. — Today, Governor Rick Scott announced recommendations to designate 108 census tracts in the Tampa Bay 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, “Tampa Bay is a thriving metro area with strong job gains and low unemployment. This new program will enable the many rural areas within this region to benefit from new, targeted private investment that will revitalize communities, create jobs and boost their economies.”

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “The Opportunity Zone program is an exciting opportunity for low-income areas to gain capital investment and grow their economies. I am proud that many rural areas within the Tampa area are being designated for this program, so that they can become thriving areas with jobs for their residents.”

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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