FLORIDA’S OPPORTUNITY ZONES

FLORIDA’S OPPORTUNITY ZONES In April, Governor Scott requested 427 of the state’s 1,706 low-income community census tracts be designated as “low-tax opportunity zones” for economic development under provisions of the Tax Cut and Jobs Act of 2017. Up to 25 percent of eligible low-income census tracts within each state could be nominated as opportunity zones. A census tract is designated as low-income when 20 percent or more of its households fall below the poverty line for their household size, or the median family income in the tract is below 80 percent of the statewide median income. All the low-income tracts nominated by the state were granted opportunity zone status by the Treasury Department on June 14; they span all 67 counties and constitute about 10 percent of the state’s total census tracts. Under the Tax Cuts and Jobs Act Of 2017, opportunity zone fund projects offer substantial federal income tax benefits to investors and developers. For additional information, visit https://tinyurl.com/y7un7km6.

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Rob Ehrhardt
Economic Development Director
rehrhardt@volusia.org

Sally Sprague
Executive Assistant
ssprague@volusia.org

Brad Harris
Business Manager
rbharris@volusia.org

Pedro Leon
Business Manager
pleon@volusia.org

Virgil Kimball
Business Specialist
vkimball@volusia.org

Robbin Sebra
Staff Assistant
rsebra@volusia.org

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