The Federal Tax Cuts and Jobs Act of 2017 authorized the governor of each U.S. state and territory to nominate a certain number of qualifying census tracts as “Opportunity Zones.” These designations must be confirmed by the U.S. Department of the Treasury, which administers the program. Investments made through certified investment vehicles created as “Opportunity Funds” are used to drive needed capital into low income communities in an effort to spur economic growth within designated Zones—for example, by supporting new businesses or real estate development. Parties who invest in Opportunity Funds can benefit from tax incentives, such as deferrals on capital gains tax.
The City of Lincoln is currently working with private stakeholders to identify and prioritize “qualified” low-income community (LIC) census tracts where investment is likely to occur. The Mayor’s office must submit nominations of LIC census tracts to the State of Nebraska by March 9th. The Governor will then make the final selections and forward the State’s nominations to the U.S. Department of Treasury for formal designation. To view the City of Lincoln’s qualified LIC census tracts, see the map below. To see the map legend, click on the double arrows in the upper left corner of the map.
To learn more about the Opportunity Zone program, visit the NE Department of Economic Development website. The City is also seeking public input through the survey form below.
Questions? Please contact Mike Lang, Economic Development Aide within the Office of the Mayor, 402-441-7514 or Mlang@lincoln.ne.gov.