Preservation & Opportunity Zones
Authorized in the 2017 Tax Cuts and Jobs Act, Opportunity Zones present both the promise of new investment for historic buildings in distressed communities, and the risk associated with a valuable and uncapped federal incentive that does not attempt to steer investment away from demolition of historic resources. What role historic preservation plays in Opportunity Zones depends on the applicability of incentives, and the degree that they help level the playing field between rehabilitation and new construction, as well as the ability of local, state, and federal decision makers to guide investment in a way that preserves community character. Below is an aggregation of resources to prepare communities to channel private investment to create economic opportunity, enhance community assets, and improve quality of life for their residents.
Recent Opportunity Zones Legislation
On November 6th Senator Wyden introduced S. 2787 - the Opportunity Zone Reporting & Reform Act. Read the full bill and a summary from Novogradac.
Read the Bill