Qualified Opportunity Zones (QOZ) are an economically distressed community where private investments, under certain conditions, may be eligible for capital gain tax incentives. Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act, signed into law by President Donald J. Trump in December 2017, to stimulate economic development and job creation, by incentivizing long- term investments in low-income neighborhoods. (Source: eda.gov/opportunity-zones/)
The Miami-Ft. Lauderdale-West Palm Beach MSA contains 123 QOZ census tracts including 30 in Broward County, 67 in Miami-Dade County, and 26 in Palm Beach County. Investors can defer tax payment on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged or until December 31, 2026.