Local Governments Nominate ‘Opportunity Zones’ For Federal Tax Breaks

D.C., Maryland and Virginia have nominated locations, that if accepted by the U.S. Treasury Department, would become “Opportunity Zones,” which would be eligible for tax breaks designed to help develop struggling neighborhoods.

The $1.5 billion “Opportunity Zone” program received bipartisan support when it was introduced as part of the 2017 federal tax overhaul. Its aim, according to supporters, is to allow investors to take advantage of big breaks on federal capital gains taxes by investing in small businesses and housing in lower-income communities.

In Maryland, the Maryland Department of Housing and Community Development selected 149 zones, which included several in Montgomery County. One area is a stretch of Rockville Pike, between Twinbrook Parkway and Rockville Town Center. It’s only a block away from White Flint, an area Amazon is reportedly considering for its second headquarters. Areas in White Oak, Silver Spring and Wheaton also were nominated.

In Prince George’s County, tracts selected include areas near the University of Maryland College Park, MGM National Harbor and FedEx Field.

“I’m excited to establish these zones and further leverage private, nonprofit and public sector funds, providing new opportunities for housing, retail and business growth to fuel the state’s economic engine and create jobs,” said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt in a statement.

In the District, 25 areas were selected in the city’s eight wards, and 17 of them are in Wards 7 and 8. Others include Buzzard Point near DC United’s Audi Field in Ward 6, and an area near Howard University in Ward 1.

Click here to read the rest of the article written by Mike Murillo over at WTOP

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