The recently enacted $1.5 trillion tax bill included within it a provision, authored by Senators Cory Booker (D-NJ) and Tim Scott (R-SC), designed to encourage investment in low-income communities.
The relevant bill section, titled the “Investing in Opportunity Act,” permits governors to designate low-income census tracts in their states as “Opportunity Zones.” To qualify as “low-income,” the census tract must have as a poverty rate of at least 20 percent and median family income no greater than 80 percent of the median for the overall region. Designations must be made no later than April 22nd and will last for ten years. States that fail to designate zones by the due date will be ineligible for the program…Please click here to read Martin Levine and Steve Dubb’s story in the Nonprofit Quarterly.
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