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Opportunity Zones is a new tool for community development for low-income communities. It is designed to provide tax incentives to help unlock investor capital to fund businesses in underserved communities. H.R.1 was signed into law on December 22, 2017.

The law allows investors to defer (up to 9 years) paying tax on gains if those gains are invested in Qualified Opportunity Funds that in turn invest in economically distressed communities designated by the governor.

Oklahoma Department of Commerce is reviewing eligible communities for the Governor.  Governors are responsible for identifying the areas in their states to be designated as Opportunity Zones and are limited to 25 percent of a state’s low-income community population census tracts to be designated as qualified Opportunity Zones.

Stay tuned and watch the Commerce website for a map of approved Opportunity Zones.