Federal Opportunity Zones in Philadelphia
The City of Philadelphia seeks to work with its partners, local businesses, community members, and Opportunity Zone investors to drive inclusive, equitable growth in our neighborhoods.
The Tax Cuts and Jobs Act of 2017 created a new tax incentive to stimulate investment in low income communities. The program encourages investors to re-invest previously unrealized capital gains into Opportunity Funds in exchange for a temporary tax deferral, partial tax reduction on the initial capital gain, and elimination of capital gain tax on the new investment. Opportunity Funds are investment vehicles that bring capital to low-income community Opportunity Zones, which were designated by governors in each state. Philadelphia’s Opportunity Zones represent 82 of the 8,700 designated census tracts throughout the country.
Note: The above information came from Philadelphia Delivers.
In The News
- Too Big to Function?, Philadelphia Citizen, September 9, 2019.
- Philly developers start cashing in on Trump tax break, as 'opportunity zone'-funded projects advance, Philadelphia Inquirer, April 5, 2019.
- Property Prices Jump 20 Percent in U.S. Communities Named Opportunity Zones, World Property Journal, April 3, 2019.
- Will Trump's 'Opportunity Zone' tax break help residents along North Broad — or push them out?, Philadelphia Inquirer, December 14, 2018.
- Description: Federal Opportunity Zone Program (at Pennsylvania Housing Finance Agency)
- List of Zones: Final Federal Opportunity Zones Spreadsheet (in Pennsylvania, by county, PDF)
- Local Information: Federal Opportunity Zones: Spurring Economic Growth in Philadelphia (at Philadelphia Delivers)
- Tract ID Numbers: Census Tracts (at Open Data Philly)