The Washington State Department of Commerce recently unveiled the application process for nominating Opportunity Zones, which are designed to provide investment opportunities in underserved communities. The state may identify a maximum of 20 percent, or 139, of the available 555 tracts as designated Opportunity Zones. Federally recognized tribes, counties, cities, towns, ports, housing authorities, and associated development organizations may now nominate tracts.

The investment incentives are part of the Tax Cuts and Jobs Act of 2017 signed into law on December 22, 2017. Investors are able to defer paying taxes on capital gains that are invested in approved communities designated as Opportunity Zones.

Available tracts can be found in the US Department of Treasury Opportunity Zone Resource website. The qualifying opportunity zones (QOZ) can be found by following the links, zooming into Washington State, then by either adding an address into the left hand search bar or by clicking into the map. The tract number will be highlighted in the results.

For more details see the Department of Commerce webpage on Opportunity Zones.