[Note: This information was gathered from the City of Phoenix website]
In December of 2017, the “Tax Cuts and Jobs Act” was passed, establishing the Opportunity Zone program.
Program Overview
The program was created to increase investment by investors into specific low-income communities.
Under the program, citizens or corporations who experience capital gains can invest that money into designated low-income areas known as Opportunity Zones.
Doing so comes with tax benefits to the investors, and most importantly, will hopefully result in increased investment into these communities.
Tax Benefits for Investors
Tax on the initial realized capital gain is deferred and reduced depending on the length of time the investment is held for (5 or 7 years).
If investment is held for 10 years, capital gains made on the investment will not be taxed.
Please find below a map of Phoenix’s 42 Opportunity Zones.
These Opportunity Zones were certified by the Department of Treasury on April 9, 2018.
PDF MAP OF PHOENIX’S OPPORTUNITY ZONES
Helpful Links
LOCUS Opportunity Zone Navigator – interactive map showing zones with Brownfields and Transit:
https://smartgrowthamerica.org/opportunity-zones/
For more information on Arizona’s Opportunity Zones:
http://www.azcommerce.com/arizona-opportunity-zones/
Treasury’s CDFI Opportunity Zones Resources:
https://www.cdfifund.gov/pages/opportunity-zones.aspx
Economic Innovation Group’s Opportunity Zones:
http://eig.org/opportunityzones/resources
For IRS frequently asked questions, visit:
https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions
For more information, or any questions, contact:
Joseph MacEwan, Economic Development Research Specialist, at joseph.macewan@phoenix.gov