Opportunity Zones (OZ)

Opportunity Zones are a federal economic development and community development tax benefit established as part of the 2017 Tax Cuts and Jobs Act available to investors with capital gains designed to encourage long-term private investment in low-income urban, suburban and rural census tracts.

The zones were nominated by each governor in the spring of 2018 and are comprised of low-income census tracts. Zones were eligible for nomination based on 2015 and 2016 American Community Survey data. Virginia had 901 eligible census tracts, and per the Tax and Jobs Act, each state was only able to nominate 25 percent or 212 tracts, and could have up to 5 percent or 11 as contiguous tracts. Virginia nominated the maximum number of census tracts allotted. The designations are permanent until Dec. 31, 2028. To view a map of all Opportunity Zones in Virginia, click here. 

The Town of Wise is in a Qualified Opportunity Zone.