What are Opportunity Zones?
The Tax Cuts and Jobs Act of 2017 established Opportunity Zones to serve as a tool and create investment opportunities for individuals that wish to defer and possibly eliminate federal taxes on capital gains. Investment must be made in areas that have been identified as economically distressed neighborhoods, more specifically known as “Opportunity Zones”, through an Opportunity Fund that will finance new projects, spur growth and stimulate economic development in the community.
What are Opportunity Funds?
An Opportunity Fund is set up as either a partnership or corporation for the purposes of investing in a property or business located in an Opportunity Zone. Investments made into the Opportunity Fund are gains from a prior investment and must hold at least 90% of its assets in qualifying property.
For more information on Opportunity Zones and/or Funds visit California Opportunity Zones, US Department of Treasury Opportunity Zone, IRS Opportunity Zones, and the CA Governor’s Office of Business and Economic Development Resources.
Opportunity Zones in Victorville
Multiple Opportunity Zones have been identified and established in the City of Victorville. The maps below show where the Opportunity Zones are located in the City. Email or call us if you have any questions regarding our Opportunity Zones.
Economic Development Department | 760-955-5032 or firstname.lastname@example.org