Opportunity Zone Program

Building Investment in Under-Served Communities

The Opportunity Zone Programme in New York State

New York Country is participating in the new Opportunity Zone community evolution program, offered through the Tax Cuts and Job Acts of 2017. The federal plan encourages private investment in depression-income urban and rural communities. Based on analyses by Empire State Development (ESD), New York State Homes and Community Renewal (HCR), New York Country Department of State (DOS) and the land's Regional Economic Development Councils (REDCs), New York State has recommended 514 census tracts to the U.S. Section of the Treasury for designation equally Opportunity Zones.

Click hither to view the list of the 514 approved and designated tracts.

Use the map below to view approved and designated tracts:

Q: What is an Opportunity Zone?
A: An Opportunity Zone is a low-income demography tract with an private poverty rate of at least xx percent and median family income no greater than 80 percent of the expanse median.

Q: What is the do good of an Opportunity Zone?
A: An Opportunity Zone tin receive funds from Opportunity Funds. Opportunity Funds provide investors the chance to put that coin to work rebuilding the low to moderate income communities. The fund model will enable a wide array of investors to puddle their resources in Opportunity Zones, increasing the scale of investments going to underserved areas.

Q: How many Opportunity Zones may a state nominate?
A: Each land may nominate a minimum of 25 total eligible demography tracts but no more than 25 percent  of the total number of eligible census tracts within the country.

Q: What areas are eligible Opportunity Zones?
A: Click hither to run across eligible census tracts.

Q: Where can I find more data virtually Opportunity Zones?
A: Cheque the following for more than details and information:

  • Congress Bill 115 – Department 13823 contains the amendment for "Subchapter Z – Opportunity Zones"
  • IRS – Opportunity Zones

Q:  Why was my tract not chosen?
A:  Unfortunately, all tracts could not be chosen.  The 514 recommended Demography tracts – which represent 25 pct of the more than 2,000 tracts deemed eligible past the Federal government – were selected based on recommendations from the Regional Economic Development Councils, local input, prior public investment and the power to attract private investment.

Q:  How do I certify and maintain a qualified Opportunity fund?
A:  To detect eligibility and filing requirements to certify and maintain a qualified Opportunity Fund, click here. The final guidelines for the Opportunity Fund have been released by the U.S. Treasury and are available here.

Q:  What are the New York State tax implications of the recently enacted federal tax benefits for investment in the Opportunity Zone Programme?
A:  Investor must invest in a qualified opportunity fund which holds at least 90% of its assets in qualified opportunity zone belongings. A qualified opportunity fund is an investment vehicle organized every bit a corporation or a partnership for the purpose of investing in qualified opportunity zone belongings. There are two master incentives to encourage investment in qualified opportunity funds. First, taxpayers can temporarily defer the inclusion in gross income of capital gains that are reinvested in a qualified opportunity fund. Taxpayers can as well  permanently exclude capital gains from the sale or substitution of an investment in a qualified opportunity fund held for more than than 10 years. More often than not, both the deferral and exclusion of the majuscule gains from federal income will period through to New York Land.  This means those gains will as well exist deferred and excluded from New York taxable income

Opportunity Zones: Eligible Areas

To view eligible demography tracts, search by address, area or zip lawmaking for New York State data on the HUD Opportunity Zones map.