The Opportunity Zones incentive is a new community tax advantaged investment tool established by Congress through the Tax Cuts and Jobs Act of 2017. The intent of the Program is to encourage long-term investment in low-income urban and rural communities throughout the United States.
How Do Opportunity Zones Work?
Opportunity Zones provide a tax incentive for investors to re-invest their unrealized capital gains into dedicated Opportunity Zones located in Pasco County. Qualified Opportunity Zone Funds, which consist of funds generated by investor capital gains, are available to fund development within the County's Opportunity Zones. The Pasco County Office of Economic Growth has access to the listing of Qualified Opportunity Zone Funds available for County specific projects and is available upon request.
How Were the Locations of Opportunity Zones Determined?
The Federal Statute required the Florida Governor to nominate Opportunity Zones in each County using the U.S. Census Tracts which are occupied by a large percentage of low-income households. The state nominated Opportunity Zones were then officially designated by the United States Department of Treasury.
Pasco County has 17 eligible Qualified Opportunity Zones depicted in the map below:
Pasco County hopes to leverage Opportunity Zones as an important tool to support the development of jobs, affordable housing and economic vitality in these areas.
Pasco County, now the 12th largest county in Florida has a population of approximately 525,000 with an annual growth rate of nearly 3%. The home-ownership rate in Pasco County, FL is 70.3%, which is higher than the national average of 63.9%.