What is a Qualified Opportunity Zone?
Qualified Opportunity Zones were established as part of the 2017 federal tax overhaul bill, the “Investing in Opportunity Act,” to provide tax incentives to spur long-term investment in distressed communities. These “zones” are located in economically challenged census tracts across the country.
Let’s focus on the word “opportunity,” here.
As part of this ongoing program, there are opportunities for businesses and/or investors to invest in these zones to stimulate private investment in exchange for capital gain tax incentives. In other words, investment in a Qualified Opportunity Zone is intended to connect private investment capital to low-income communities nationwide. The program, in itself, is meant to be an innovative approach to spur long-term private sector investments in low-income urban and rural communities.
GBQ is involved in this effort for one reason, and one reason, only: We want to help make a difference in the communities where we—and all of our clients and community members—live, work and play. Every community deserves the chance to thrive, no matter where they are based. We can help to connect the businesses we serve to tax credit programs through their investments, and also help to shape policy at federal and state levels through our support of this program.
There are more than 300 opportunity zones in the state where GBQ is based: Ohio. See the zones for yourself.