The Opportunity Zone program is a nationwide initiative administered by the U.S. Treasury and created under the 2017 Tax Cuts and Jobs Act. The newly-established program will allow investors to receive federal tax incentives by investing their capital gains into select communities (Opportunity Zones) via special investment vehicles called Opportunity Funds.
In the late Spring of this year, the Maryland Department of Housing and Community Development announced the nominations of the State's designated Opportunity Zones. The areas of the City of Frederick highlighted in the map below will be eligible for the new investor tax incentives.
Click here to view Frederick's Designated Opportunity Zones.
“With the designation of multiple Opportunity Zones, the City hopes to attract new private investment to critical areas that could have a significant impact to under-served communities. Opportunity Zones provide mechanisms for investors to put money into projects and business opportunities while deferring or reducing tax liability. This Opportunity Zone designation can really help synergize our community by providing new housing opportunities, business expansion and job growth.”
For more information on the Opportunity Zone and how to take advantage of these opportunities visit the Maryland Department of Housing and Community Development's website.