The U.S. Department of Treasury has officially designated 212 Qualified Opportunity Zones in the state of Virginia as part of the Opportunity Zone and Opportunity Fund, a provision for a new revitalization tool by the Federal Tax Cuts and Jobs Act of 2017. The Zones and Funds will allow investors to receive tax benefits on currently unrealized capital gains by investing those gains in qualified low-income census tracts (Opportunity Zones). Governor Northam submitted 212 nominations out of the 901 eligible low-income census tracts in the Commonwealth to the Treasury Department in April 2018, which represented the maximum number of zones available to nominate.
The nomination process gave priority to input received from localities in order to recognize the needs and opportunities at the level of government closest to investors and residents. In addition, statewide strategic criteria ensured factors evaluating those census tracts in most need and with the most likelihood of future investment were balanced. The final designated Opportunity Zones also reflect proportionality at the GO Virginia region, Economic Development Organization sub-region, and at the locality level.
The policy and programming associated with qualification of Opportunity
Investment Funds and Qualified Opportunity Investments will be written at the federal level and are expected to be formalized late this calendar year.
Prince William County has six census tracts designated for the program:
The Planning Office will continue to monitor the creation of the rules and policies of the Opportunity Zone and Opportunity Fund Program in anticipation of a new redevelopment/revitalization tool for the County. This page will be updated as new information about the program becomes available.
Questions or comments?
Note that under the Virginia Freedom of Information Act, comments, including any personally identifiable information that is included in the comments, are subject to public inspection.
To receive automatic updates about general county government information, including Planning Office notifications, road closures, tax reminders, and other community information subscribe to PWC Alerts.