Opportunity Zones

Opportunity Zones are specially-designated census tracts within which capital gains can be reinvested to offset federal income taxes. The concept was enacted in the U.S. Tax Cuts and Jobs Act of 2017 and is administered by the Department of the Treasury. Eligible tracts are required to have a poverty rate of more than 20% and less than 80% of the median family income for the area or state. Governor Kay Ivey, with input from local and regional economic development officials, nominated 158 (25%) of the state's 629 eligible tracts, including at least one tract in each county. Of those nominated, 28 lie at least partly in Jefferson County, and 26 include parts of the City of Birmingham.

The City of Birmingham established a Birmingham Inclusive Growth Fund ("BIG Fund") to promote investment in the city's Opportunity Zones. Balch & Bingham attorney Alex Flachsbart founded a non-profit, Opportunity Alabama (OPAL), to promote impactful investment across Alabama's Opportunity Zones.

References

• Tomberlin, Michael (August 23, 2018) "Alabama, Birmingham preparing for economic impact of Opportunity Zones." Alabama NewsCenter
• Nonko, Emily (October 24, 2018) "How Alabama Plans to Take Advantage of Opportunity Zones." The Bottom Line. NextCity.org
• Edgemon, Erin (November 4, 2018) "Big bucks could roll into Birmingham for redevelopment." The Birmingham News

External links

• Opportunity Zones GIS map at the Alabama Department of Economic Development
• Map of Jefferson County Opportunity Zones at scribd.com