The U.S. Treasury Department announced Opportunity Zone designations on Thursday, fulfilling final regulations of the investment zones after they were permanently renewed in the 2025 Working Families Tax Cut legislation. The new designations will become effective on January 1, 2027, and the areas will retain their designations for ten years.
\n\n“Under President Trump’s leadership, the Working Families Tax Cuts permanently renewed and strengthened Opportunity Zones, giving investors, entrepreneurs, and local leaders the long-term certainty they need to commit capital to communities that have been overlooked for too long,” Treasury Secretary Scott Bessent said in a statement. “Today’s announcement of the new designations will help direct private investment to communities that stand to benefit most, and expand economic opportunity, support job creation, and unlock long-term growth in these communities across the country.”
\n\nFirst developed in the 2017 Tax Cuts and Jobs Act, Opportunity Zones were developed to spur economic investment and job creation in economically distressed areas. More than $110 billion in private-sector investment has been made since their creation. The primary benefit for investors is deferred tax on capital gains, potential step-ups in tax basis for long-term holds, and a complete exemption from capital gains tax on profits generated if…
Original source: https://www.breitbart.com/economy/
