The federal tax bill passed at the end of 2017 allows the governors of each state to designate eligible census tracts as Opportunity Zones (OZ). Investments made by individuals through special funds in these zones would be allowed to defer or eliminate federal taxes on capital gains.
The recently released California OZ map shows two zones designated in central Escondido. The City has provided comments in support of those designations to the governor’s office, which has a public input period open until March 15.
Michelle Geller, economic development manager for the city told the Times-Advocate, “The Governor has designated two Opportunity Zones in Escondido which, will be very important in creating additional employment opportunities for our residents. They’re in our central core – a great place for additional business development in the City. The City of Escondido plans to fully support these Opportunity Zones in ways that will ensure their success. We need more, but appreciate having two designated in Escondido.”
More information and an interactive map is on the web at dof.ca.gov/Forecasting/Demographics/opportunity_zones/index.html