Richmond Highway in Fairfax County, Virginia has been nominated by Governor Ralph Northam to receive four Opportunity Work Zone tracts as part of the Federal Tax Cuts and Jobs Act of 2017. Click here to see a map.
“Governor Northam today announced the nomination of 212 Opportunity Zones to the U.S. Department of Treasury. This represents the maximum number of zones the Governor may nominate under the new federal tax tool that targets low-income census tracts…
The Federal Tax Cuts and Jobs Act of 2017 that passed last December included provisions for a new revitalization tool, the Opportunity Zone and Opportunity Fund. The zones and funds will allow investors to receive tax benefits on currently unrealized capital gains by investing those gains in qualified census tracts or “Opportunity Zones.” While the federal government is responsible for defining the investment process, the Governor of each state was given until April 20, 2018 to nominate qualified census tracts as Opportunity Zones, and Virginia was allowed to submit 212 nominations out of the 901 eligible low-income census tracts.” Click here to read more.