The Tax Cuts and Jobs Act passed by Congress in December of 2017 established the Opportunity Zone incentive program, designed to encourage investment in designated low-income communities. In October 2018, the Treasury Department and the Internal Revenue Service issued proposed regulations which provide guidance and framework for investments in these Qualified Opportunity Zones. Virginia currently has 212 Qualified Opportunity Zones.
Gentry Locke can assist you in evaluating the Opportunity Zone incentive programs, as well as exploring the potential of combining tax credit financing through federal and state historic rehabilitation tax credit programs, and the New Markets Tax Credit Program.
Contact a member of our Opportunity Zone investment team to discuss the incentive program and for assistance in evaluating whether participation in an Opportunity Zone investment may be a good fit for your specific project or investment portfolio.
To find out if an area of your interest is located in of one of Virginia’s hundreds of Qualified Opportunity Zones, click on the map image below and you will be taken to an interactive map.Have questions? Contact us.