This week Governor Jay Inslee designated 139 census tracts in 36 counties in Washington as “Opportunity Zones.” Opportunity Zones came out of the Tax Cuts and Jobs Act of 2017, designed to provide tax incentives to investors who fund businesses in underserved communities. In an Opportunity Zone, investors can defer paying taxes on capital gains that are invested in Qualified Opportunity Funds that in turn are invested in distressed communities designated as Opportunity Zones by the governor of each state. Up to 25 percent of the low-income census tracts in each state can be designated as Opportunity Zones
Opportunity Zones are defined as:
- A low-income community with a poverty rate of at least 20 percent, and
- Median family income up to 80 percent of the area median family income level.
To view the Tracts designated by Governor Inslee and to learn more about the program visit the Washington State Department of Commerce webpage on Opportunity Zones.