Qualified Opportunity Zones: What are they and what do they mean for Philadelphia?
The Tax Cuts and Jobs Act of 2017 passed by Congress created the concept of Qualified Opportunity Zones (QOZ), a tax incentive tool to encourage long-term investments in low-income urban and rural neighborhoods across the country.
Qualified Opportunity Zones: What are they and what do they mean for Philadelphia?
QOZs provide a tax incentive for investors to re-invest their unrealized capital gains (e.g., the sale of real estate, stock, a business) into real estate projects that meet certain
parameters.
Qualified Opportunity Zones in Philadelphia
Across the United States, approximately 9,000 census tracts were designated by the Treasury as QOZs. Within the Philadelphia Region, 300 tracts of land in Pennsylvania and 169 tracts in New Jersey were designated as QOZs. Within the five counties located in Southeastern Pennsylvania, 98 QOZs were identified. In the eight South Jersey counties, 48 QOZs were named.