In December 2017, a U.S. congressional bipartisan effort known as the Opportunity Zone Program was added into the tax reform legislation (Tax Cuts and Jobs Act of 2017). The intent of the program is to encourage individual investors and companies to invest in specific census tracts around the US in an effort to promote economic development in low income communities.
Building Wealth, While Doing Good
The Tax Cuts and Jobs Act was signed into law in December 2017 amid some heated controversy. However, what quietly slipped under the radar within the Act is a new tax incentive called Qualified Opportunity Zones (QOZs).