Opportunity Zones provide a new tool for investors, fund managers and communities by utilizing privately sourced funds into eligible economic and community re-investment projects. This new tool was created as part of the Tax Cuts and Jobs Act of 2017 and allows investors to defer taxes on realized capital gains and to reduce tax liabilities on investments made in Qualified Opportunity Funds.
A Qualified Opportunity Fund is an investment vehicle that is set up as either a partnership or corporation for investing in eligible property that is located in an Opportunity Zone and that utilizes the investor's gains from a prior investment for funding the Opportunity Fund. Opportunity Zones are defined areas made up of low-income communities from designated census tracts.
The Tax Cuts and Jobs Act was signed into law on December 22, 2017, and the Opportunity Zones were certified by the U.S. Treasury on June 14, 2018. The City of Largo was approved for five Opportunity Zones within Largo’s Planning Service Boundary and their certification is valid for 10 years.
If you are interested in investing in an Opportunity Zone within the City of Largo and would like to learn more about development opportunities, please contact EcoDev@largo.com or call, 727-586-7360.