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Opportunity Zones are bipartisan provisions of the Tax Cuts and Jobs Act of 2017. An Opportunity Zone is a designated geographic area in which individuals can gain favorable tax treatment on their capital gains. The goal of the Opportunity Zones provision is to incentivize investors to redeploy and invest capital into low-income communities.
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Those interested in investing in an Opportunity Zone must invest their funds through “Opportunity Funds,” which are currently being formed to permit investment in projects located in Opportunity Zones. Individuals may also form, fund, and manage an Opportunity Fund using the Department of Treasury's “self-certification” process. If you are interested in taking advantage of the Opportunity Zone program, we highly recommend consulting your tax advisor.
The Treasury Department permitted the governor of each state to nominate 25 percent of his or her state’s low-income census tracts as an Opportunity Zone. The Treasury Department certified Governor Baker’s nominations and designated 138 Opportunity Zone tracts in Massachusetts, two of which are in North Attleborough.
The policy allows for investment in operating businesses, equipment, and real property. Federal Treasury regulations provide additional detail about qualifying investments, however, generally:
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