Governor Deal has announced that the U.S. Department of the Treasure and the IRS have approved app of Georgia’s nominations for Qualified Opportunity Zones. The zones were created by The Tax Cuts and Jobs Act to spur economic growth in low-income communities.
The distinction allows investors to defer federal taxes by taking capital gains from other investments and investing in the zone designated areas. Georgia submitted 260 nominations from 83 counties. Qualified Opportunity Zones retain this designation for 10 years.
Barrow, Elbert and Hall counties are among those in north Georgia with approved zones. The districts are in areas where the poverty rate is greater than 20 percent.