Opportunity Zones are a new community development program established by the United States Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. The Opportunity Zones program provides a tax incentive for investors to re-invest their unrealized capital gains into Qualified Opportunity Funds (QOF) that are dedicated to investing into Opportunity Zones designated by the chief executives of every U.S. state and territory.
The rules and regulations governing Opportunity Zones are in the process of being finalized. The United States Treasury Department and Internal Revenue Service (IRS) recently issued proposed regulations and other public guidance for this new program; click here.
Click here to access frequently asked questions about Opportunity Zones.
Opportunity Zones in Lowell
There are five (5) U.S. Treasury designated Opportunity Zones in Lowell. They are U.S. Census Tracts:
Please refer to the below map to see the areas that these U.S. Census Tracts cover, and click here (after clicking, scroll to the middle of the page) for an interactive map on which you can zoom into Lowell and other geographic areas containing Opportunity Zones.
There are many details yet to be finalized about Opportunity Zones. In addition to the information contained on this page, you may also refer to the following resources:
- Commonwealth of MA Opportunity Zone Program page
- U.S. Treasury Community Development Financial Institutions (CDFI) Fund Opportunity Zones Resources
- Economic Innovation Group