Opportunity Zones are a tool for encouraging economic development and job creation in distressed and nominated communities. There are zones in all 50 states, the District of Columbia and five U.S. territories.
The idea is to encourage new investment in economically distressed communities where if certain conditions and guidelines are followed, these new investments can receive significant preferential tax treatment.
The Department of the Treasury and the Internal Revenue Service have released large scale regulations to implement, guide and expand the framework promulgated in the Tax Cut and Jobs Act, which created and added Opportunity Zones to the tax code
For more information on Opportunities Zones visit https://www.irs.gov/newsroom/