The Federal Opportunity Zone Program is a bipartisan economic development program added to the tax code by last December’s Tax Cuts and Jobs Act. Opportunity Zones encourages long-term private capital investment in America’s low-income urban and rural communities. Once a census tract becomes an Opportunity Zone, all investments made in designated Opportunity Zones become eligible for preferential tax treatment including temporary tax deferral, step-up in basis and permanent exclusion from taxable income of capital gains.
The City of West Park was fortunate to have recently received an Opportunity Zone designation for one of its three existing census tracts known as Census Tract 1007. Census Tract 1007 is bounded by Pembroke Road on the North, Hallandale Beach Boulevard on the South, State Road 7 on the West and SW 38th Avenue on the East.
A complete list of designated census tracts in the State of Florida may be found at:
The overriding goals of the Opportunity Zone Program are to create attainable workforce housing, prevent local business displacement and to build transit oriented development projects by providing tax incentives to investors and developers. In this community development effort, the City looks forward to this new, exciting opportunity to facilitate sustainable development through the Florida Opportunity Zone Program.
