ECONOMIC DEVELOPMENT

OPPORTUNITY ZONES

Opportunity Zones are tied to census tracts and were added to the Internal Revenue Code by the 2017 Tax Cuts and Jobs Act. Their goal is to encourage longterm investments in communities through the three core principles of: (1) Deferral, (2) Reduction,  and (3) Exclusion.

  • There are 43 Qualified Opportunity Zones in the Piedmont Triad region.
  • There is at least one Qualified Opportunity Zone in every county.
  • Projects must be driven with investments by Opportunity Funds.
  • Opportunity Funds must self-certify with the IRS and can be corporations or partnerships.
  • Investments can be made through three Stock, Interest, Tangible Property.
  • Piedmont Triad stakeholders recognize the importance of equity and transparency in relation to Opportunity Zones.