The City of Deerfield Beach is pleased to announce that the U.S. Department of the Treasury and the Internal Revenue Service (IRS) have included one census tract in the City as a “Qualified Opportunity Zone”- a target for a new federal tax incentive that aims to attract new capital investment and job opportunities. The Tax Cuts and Jobs Act authorized the governor of each U.S. state and territory to nominate a certain number of qualifying census tracts as Opportunity Zones.
On April 6, 2018, the City of Deerfield Beach transmitted suggestions to the Florida Department of Economic Opportunity for Opportunity Zone designations. The City’s nomination submittal contained 6 census tracts, of which tract 103.04 was chosen by the Governor’s office. The now designated census tract sits between SW 10th Street and SW 15th Street, adjacent to I-95 and South Dixie Highway and includes approximately 3,944 residents.
According to a news release from the U.S. Department of Treasury, “Qualified Opportunity Zones retain this designation for 10 years. Investors can defer tax on any prior gains until no later than December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund, an investment vehicle organized to make investments in Qualified Opportunity Zones.” The U.S. Department of the Treasury is still in the process of developing the Opportunity Zones program, and the IRS is expected to provide further guidelines in the coming months.
For the full list of designated qualified opportunity zones, please click here or for more information, contact the Economic Development Department at 954-980-4262.