DEO Press Releases

Gov. Scott Announces 72 Low Tax Opportunity Zone Designations for Orlando Area

Apr 19, 2018

ORLANDO, Fla. — Today, Governor Rick Scott announced recommendations to designate 72 census tracts in the Orlando 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, “I am proud that Orlando continues to lead the state in job creation, and it’s my goal to give communities in this region another tool to help local families have the opportunity to succeed. This new tool will encourage investors to see the potential in targeted areas for creating jobs across the state.”

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “We want to see all communities in Florida thrive, including rural and low-income areas. The Orlando metro area is ideal for creating jobs for hardworking Floridians. The new Opportunity Zone designations will help target our state’s areas that need additional investment.”

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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