City of Hollywood Opportunity Zones
Hollywood has two Opportunity Zone designations:
Opportunity 360 Measurement Report
Opportunity Zone Breakdown
Opportunity Zones are census tracts designated by the federal government, where investments receive preferential tax treatment under the Tax Cuts and Jobs Act of 2017. The idea is to spur economic development and job creation in these areas by providing tax incentives. Opportunity Funds are investment funds organized as a corporation or a partnership that invests in Opportunity Zones. These funds allow investors to defer federal taxes on capital gains until December 31, 2026. Investors can reduce their capital gains taxes by up to 15%, and if they hold the investment in the opportunity fund for 10 years, investors pay no taxes on gains earned on the new investment.
The City's role in the Opportunity Zones program is to connect funding with projects, develop a database of investment projects and to leverage these projects to create new opportunities for residents and encourage upward mobility.
Click here to learn if you are located in an Opportunity Zone.