Yakima County Development Association (YCDA) is in Washington DC this week at an Opportunity Zones summit.
The Opportunity Zone program was included in the Tax Cuts and Jobs Act and is designed to provide tax incentives to investors who fund businesses in underserved communities.
Investors are able to defer paying taxes on capital gains that are invested in Qualified Opportunity Funds that in turn are invested in distressed communities designated as Opportunity Zones. Yakima County has four opportunity zones.
Opportunity Zones, light green, above, are based on census tracts.
The summit brought together investors, national experts, program leaders, and community representatives.
This is a brand new program and there was a lot of information shared about how the program can work for projects here in Yakima County.
For more information in Opportunity Zones please visit: https://www.commerce.wa.gov/growing-the-economy/opportunity-zones/