Opportunity Zones Announced for Middle Peninsula!

April 20, 2018

The Federal Tax Cuts and Jobs Act of 2017 that passed last December included provisions for a new revitalization tool, the Opportunity Zone and Opportunity Fund. These zones and funds will allow investors to receive tax benefits on currently unrealized capital gains by investing those gains in qualified census tracts or “Opportunity Zones.” Virginia was allowed to submit 212 nominations out of the 901 eligible low-income census tracts.  The U.S. Treasury Department has 30 days to respond to the Governor’s nominations and is expected to accept and approve them as nominated, establishing Virginia’s Opportunity Zones by late spring of this year.