GAINESVILLE, Fla. — Today, Governor Rick Scott announced recommendations to designate 13 census tracts in the Gainesville area as Low Tax Opportunity Zones. Low Tax Opportunity Zones, as established in the federal Tax Cut and Jobs Act of 2017, encourage long-term investment and job creation in targeted communities by reducing taxes for many job creators. Low Tax Opportunity Zones enhance local communities’ ability to attract businesses, developers and financial institutions to invest in targeted areas by allowing investors to defer capital gains taxes through investments in federally established Opportunity Funds. Earlier today, Governor Scott announced his recommendation to designate 427 communities across every Florida county as Opportunity Zones.

To find out where the Opportunity Zones are located in your area, click HERE.

Governor Scott said, “Families in the Gainesville area will benefit from the new jobs these Low Tax Opportunity Zones will enable the area to attract. This new tool is a great way to bring economic growth to rural parts of Florida, enabling families in these communities to thrive.”

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “Opportunity Zones were selected to target rural and low-income communities, including these in the Gainesville area. This designation will provide much-needed economic growth to ensure all Floridians can find a good job wherever they live by bringing businesses to the communities that need them most.”

The U.S. Department of the Treasury has 30 days to certify each state’s recommendations. After the Zones are approved, the federal government will begin the rulemaking process to designate how Opportunity Funds are created and how businesses, developers and financial institutions can invest in qualified Zones.

The full list of census tracts nominated as Opportunity Zones can be found HERE. Governor Scott’s letter to U.S. Treasury requesting the designated zones can be found HERE. An FAQ on the Opportunity Zone program can be found HERE.

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