Submitted by Hernando County Gov.
(Brooksville, FL) Five census tracts in Hernando County have been included in Governor Scott's list of Florida sites being recommended as part of the new Low Tax Opportunity Zones.
Census Tract 404
Census Tract 405.02
Census Tract 411.04
Census Tract 412.04
Census Tract 413.02
"We've seen many new and existing business expansions the past few years," County Administrator Leonard Sossamon explained. "This added tool will reinforce our economic development strategy and encourage more public/private partnerships."
Established in December 2017, this new tool for economic development is a catalyst to spur long-term private sector investment to low-income communities. More specifically, the Opportunity Zones provide tax incentives, including a temporary deferral on capital gains taxes when investors reinvest those gains in qualified Opportunity Funds.
The evaluation process included statistical analysis of poverty rates, population, unemployment rates and other economic indicators, along with assessing recommendations from more than 1,200 requests. These specific requests came from municipal and county governments, regional planning councils, nonprofits, developers, investors and more.
After the U.S. Department of the Treasury completes its certification of the recommendations, the federal government will begin the rulemaking process to designate how Opportunity Funds are created and how businesses, developers and financial institutions can invest in qualified Zones.
Learn more about Opportunity Zones by viewing the full list of census tracts nominated, Governor Scott's letter to U.S. Treasury and other frequently asked questions.