HUD Secretary Carson Highlights SEC’s Efforts to Encourage OZ Investing
The 2017 Tax Cuts and Jobs Act created Opportunity Zones (OZs) to stimulate long-term investments in low-income communities. As the initiative offers capital gains tax relief to those who invest in these distressed areas, the tax incentives are anticipated to spur $100 billion in private capital investment in OZs. On average, the median family income in an OZ is 37 percent below the state median. Overall, more than 8,700 communities in all 50 states, Washington D.C., and five U.S. territories have been designated as OZs. Nearly 35 million Americans live in communities designated as OZs.