Tax Cuts and Job Acts Opportunity Zones
Under the Tax Cuts and Jobs Act of 2017, localities have been designated as Opportunity Zones as an economic development incentive for developers. An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury via his delegation of authority to the Internal Revenue Service. The City of Navasota has been designated as a Qualified Opportunity Zone.
If you have any questions regarding Opportunity Zones, follow this link.
To become certified as a Qualified Opportunity Zone, fill out the self-certifying form, 8996, on the IRS website.