The U.S. Department of Treasury has officially certified Florida's nomination of 427 census tracts to be designated as Qualified Opportunity Zones, including Palm Coast's tract 12035060213. This census track is located in the heart of Palm Coast, including Palm Coast Town Center and the new Innovation District.
Our approved Opportunity Zone, a new economic development tool enacted by the Tax Cuts and Jobs Act of 2017, offers local citizens the opportunity to invest back into their communities and proactively be a part of the solution to problems such as revitalizing downtown districts, boosting local entrepreneurship, establishing specialized funds to target rural development challenges, commercializing technology around local knowledge centers, and more.
For investors, the Opportunity Zone program offers tax incentives to citizens who re-invest their unrealized capital gains into Opportunity Funds dedicated to investing in designated census tracts. The program provides deferral and reduction of capital gains taxes when the gain is invested in a Qualified Opportunity Fund and maintained for at least five years. Additional tax incentives are available for investments held for periods of seven and 10 years.
For more information, visit Opportunity Zone FAQs or check out Opportunity Zone Updates.