Opportunity Zones are a new community development program established by Congress in the Tax Cut and Jobs Act of 2017 to encourage long-term investments in low-income and urban communities nationwide.
What are Opportunity Funds?
Opportunity Funds are a new class of private sector investment vehicles authorized to aggregate and deploy private investment into Opportunity Zones.
Opportunity Funds allow U.S. investors holding unrealized gains in stocks and mutual funds to pool their resources in projects located in Opportunity Zones, which will be invested in rebuilding low-income communities.
Opportunity Funds pool investments in Opportunity Zones.
U.S. investors are eligible to receive:
-A temporary tax deferral for capital gains invested in an Opportunity Fund.
-A step-up in basis for capital gains reinvested in an Opportunity Fund.
-A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in a qualified opportunity zone fund if the investment is
held for at least 10 years.
MN Census Tracts Designated as Qualified Opportunity Zones - Census Tract 27083360500