[MainstreetTowns] Opportunity Zones

Thu Jan 24 13:28:26 CST 2019

Gathered below is information regarding the Opportunity Zones.  You can see if you are in a Opportunity Zone by going to https://locateok.com

If you click on Communities Layers and then do the dropdown box under Incentives, you will see Federal OZ Tracts and State OZ Tracts.  Below is a image:

[cid:image003.jpg at 01D4B3E8.AE65AAB0]

I have also attached additional information that can get you more familiar with Opportunity Zones and their purpose.  See below:

Webinar regarding opportunity zones:  https://www.mcafeetaft.com/opportunity-zone-tax-incentives/

Power Points from the December Data Conference:  https://okcommerce.gov/data/conference/

Website to see all Opportunity Zone projects:  https://www.cdfifund.gov/Pages/Opportunity-Zones.aspx

Below is additional information about the Opportunity Zone program:

What we know and what we don't

[https://gallery.mailchimp.com/fefb55dc846b4d629857464f8/images/1ebf377f-6d61-4a21-a48c-00568e39b153.png]<https://TaxFoundation.us1.list-manage.com/track/click?u=fefb55dc846b4d629857464f8&id=e8365c0af3&e=528de34718>

[Tax Foundation Analysis]<https://TaxFoundation.us1.list-manage.com/track/click?u=fefb55dc846b4d629857464f8&id=115505c826&e=528de34718>

Opportunity Zones:
What We Know and What We Don’t<https://TaxFoundation.us1.list-manage.com/track/click?u=fefb55dc846b4d629857464f8&id=474bfd3855&e=528de34718>
The Opportunity Zones program, created by the Tax Cuts and Jobs Act<https://TaxFoundation.us1.list-manage.com/track/click?u=fefb55dc846b4d629857464f8&id=5ec197c52d&e=528de34718> to spur investment in economically distressed census tracts, reduces capital gains taxes for individuals and businesses who invest in specific areas designated as "opportunity zones."
With opportunity zones, and any other place-based incentive program, it’s important to consider what we know and what we don’t:

We know the program will attract at least some investment to low-income census tracts designated as zones. We also know that this investment will come at both a budgetary and economic cost.

We don’t know how effective opportunity zones will be at improving the lives of low-income people in economically distressed communities.

Both research and state level experience raise concerns that opportunity zones could actually be counterproductive to generating sustained development in these communities.
Research suggests place-based incentive programs:

  *   Redistribute rather than generate new economic activity
  *   Subsidize investments that would have occurred anyway
  *   Displace low-income residents by increasing property values and encourage higher skilled workers to relocate to the area.

[How do qualified opportunity fund investments work?]<https://TaxFoundation.us1.list-manage.com/track/click?u=fefb55dc846b4d629857464f8&id=5cc88f9522&e=528de34718>

Click the infographic to learn about how qualified opportunity fund investments work.

Opportunity zones present certain budgetary and economic costs, but it is unclear whether they will actually benefit distressed communities.
For now, policymakers should emphasize the data collection necessary to measure the effects of this program. Without it, we will be unable to measure the merits of this place-based approach compared to other alternatives that could more effectively develop economically distressed communities.

See the Full Study<https://TaxFoundation.us1.list-manage.com/track/click?u=fefb55dc846b4d629857464f8&id=1da1fe9c4c&e=528de34718>

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Jeremy Zeller
Economic Development Specialist/Main Street
Oklahoma Department of Commerce
Jeremy.Zeller at OKcommerce.gov
405-815-5186 | OKcommerce.gov<https://okcommerce.gov/>

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