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To qualify, the Opportunity Fund must invest more than 90% of its assets in a Qualified Opportunity Zone Property located in an Opportunity Zone. [8] The property must be original use, or meet the definition of substantial improvement, meaning that the adjusted basis in the property must be doubled after purchase. [9]
The credit is 20% of the qualified zone wages paid or incurred during a calendar year. The amount of qualified zone wages you can use to figure the credit cannot be more than $15,000 for each employee for each calendar year. As a result, the credit can be as much as $3,000 (20% of $15,000) per qualified zone employee each year.
The Community Development Financial Institutions Fund (CDFI Fund) in the U.S. Department of the Treasury was authorized to administer the program. CDEs apply to the CDFI Fund each year for an "allocation authority" (the authority to raise a certain amount of capital, known as Qualified Equity Investments (QEIs), [5] from investors).
Based on transportation, education, economy, health and housing, the Opportunity Mapping Tool ranks area neighborhoods as very high, high, moderate, low and very low opportunity.
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HUBZone is a United States Small Business Administration (SBA) program for small companies that operate and employ people in Historically Under-utilized Business Zones (HUBZones). The HUBZone program was created in response to the HUBZone Empowerment Act created by the US Congress in 1998. [ 1 ]
Inclusionary zoning (IZ) is municipal and county planning ordinances that require or provide incentives when a given percentage of units in a new housing development be affordable by people with low to moderate incomes.
State and local tax relief is provided to qualified Erie businesses, residents, and property owners to encourage them to develop designated Keystone Opportunity Zones. Erie falls under the jurisdiction of the Northwest Regional Planning and Development Commission (see map) for coordination of KOZ matters with the commonwealth.
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related to: federal qualified opportunity zone map