21:54 GMT +317 February 2019
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    A man enters the US Treasury Department building on Pennsylvania Avenue on January 24, 2017, in Washington, DC.

    US Treasury Announces Opportunity Zones for Low-Income Areas in 18 States

    © AFP 2018 / PAUL J. RICHARDS
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    WASHINGTON (Sputnik) - The Department of the Treasury and the Internal Revenue Service announced in a press release on Monday that 18 US states will be eligible to declare their low-income, distressed communities as "opportunity zones" in hopes of attracting investors with tax breaks.

    "The US Department of the Treasury and the Internal Revenue Service (IRS) today designated opportunity zones in 18 states," the release said on Monday. "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."

    Opportunity zones are a component of President Donald Trump’s and congressional Republicans’ signature tax reform package also known as The Tax Cuts and Jobs Act, the release noted. They are designed to attract investment in distressed communities by offering generous tax deferrals.

    US states and territories receiving the favorable designation include American Samoa; Arizona; California; Colorado; Georgia; Idaho; Kentucky; Michigan; Mississippi; Nebraska; New Jersey; Oklahoma; Puerto Rico; South Carolina; South Dakota; Vermont; Virgin Islands; and Wisconsin, the release said.


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    economy, zones, investment, US Department of the Treasury, United States