Just over five years ago, Opportunity Zones, an innovative economic development program, was signed into law by President Donald Trump as part of the Tax Cuts and Jobs Act of 2017. The incentive’s purpose is “to spur economic development and job creation in distressed communities by providing tax benefits to investors.” Low-income communities became designated as Opportunity Zones (OZs) if a state nominated them and the U.S. Treasury certified the nomination. Following the nomination process, 8,764 communities across the U.S. were certified as OZs.
