Opportunity Zones were created by the federal government in 2018 and provide tax incentives for investors to ignite development within three eligible Census tracts within the City of Huntington.
Purpose: Investors will benefit by deferring capital gains on investments within the Opportunity Zones. Also, any new business created within an Opportunity Zone is exempt from corporate and personal income tax for 10 years. The state Opportunity Zone is separate from the federal Opportunity Zone and does not require an opportunity fund to be created.
More information about Opportunity Zones: