It might sound like a vague government experiment, but “opportunity zones” are a legit way for Virginians living in low-income communities to attract investors to their businesses.
One of the few good things to come out of the 2017 tax bill, this policy saves investors significant money if they invest in a business located in one of the 212 designated zones in Virginia. (You can check if your community is an opportunity zone in this interactive map.) The catch is that they must invest over several years in order to qualify for the tax break, meaning their money helps boost businesses in the communities that need it over the long term.
The program is still in the early phases, but received a boost this week from Gov. Ralph Northam, who announced a online marketplace to attract national investors to projects in Virginia.
“With this online platform, we can open the door to Virginia’s Opportunity Zones for investors and business owners and further drive jobs and capital into the areas of our Commonwealth where they are most needed,” Northam said in a statement.
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