What are Opportunity Zones?
An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury via his delegation authority to the Internal Revenue Service.
An Opportunity Zones provide a new tool for investors, fund managers and communities by utilizing privately sourced funds into eligible economic development and community re-investment projects.
The Tax Cuts and Jobs Act of 2017 was signed into law on December 22, 2017. This act created qualified opportunity zones. 879 of the designated opportunity zones are in California. Of those 879, 19 census tracks are in the City of Long Beach. These tracts have been certified by the U.S. Treasury on April 9, 2018. This certification is valid for 10 years.
Opportunity Zones in the City of Long Beach
- 19 census tracks in the City are identified as Opportunity Zones
- This applies to over 2,300 acres
- 5 census tracks overlap into the City of Long Beach’s PD-30 and PD-6 areas, which provides additional benefits to potential developers
Sources for additional information for Opportunity Zones
- CA Opportunity Zones
- US Department of Treasury Opportunity Zone Resources
- CDFA Resource Center for Opportunity Zones
- CA GO-Biz
- Kosmont Companies
For more information, please contact Sergio M. Ramirez, Deputy Director, Economic Development, at: 562-570-6129