Guiding Principles Opportunity Zones
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Opportunity Zones are a new tax incentive program that has the potential to attract tens of billions of dollars in private capital to struggling urban and rural areas. We’ll be talking to Jeremy Nowak, a prominent figure in urban policy and impact investment, and recent co-author of “The New Localism: How Cities Thrive in the Age of Populism.” We’ll be talking about what impact the program is likely to have, and what strategies might be used to maximize its effect.
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Guiding Principles Opportunity Zones
- 1. #mapchats policymap.com/mapchats-webinars Guiding Principles for Opportunity Zones *With Permission from The Governance Project
- 3. Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars Jeremy Nowak Drexel University’s Lindy Institute for Urban Innovation and New Localism Advisors
- 4. Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars The New Localism
- 5. Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars #mapchats Opportunity Zone Eligible Tracts Jeremy NowakNew Localism Advisors
- 6. Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars #mapchats • The Tax Cuts and Jobs Act has established New Internal Revenue Code Section 1400Z - OPPORTUNITY ZONES – This section allows any taxpayer to defer paying tax on capital gains from the sale of property if those gains are timely invested in Qualified Opportunity Funds (QOF) which in turn must invest 90% of its assets in businesses located or property used in a low-income community. If investors invest for ten years, they also pay no capital gains tax on the appreciation on that investment. Opportunity Zone Tax Incentives Jeremy NowakNew Localism Advisors
- 7. Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars #mapchats Qualified Opportunity Zones Jeremy NowakNew Localism Advisors
- 8. Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars #mapchats Our Four Selection and Operating Principles Jeremy NowakNew Localism Advisors
- 9. Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars #mapchats Social Needs Esri, HERE, DeLorme, MapmyIndia, © OpenStreetMap contributors, and the GIS user community Need Score 1 (Low Need) 2 3 4 5 6 7 8 9 10 (High) PA Census Tracts Counties Jeremy NowakNew Localism Advisors
- 10. Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars #mapchats Social Needs and Market Traction Esri, HERE, DeLorme, MapmyIndia, © OpenStreetMap contributors, and the GIS user community Jobs !( 1001 - 2000 !( 2001 - 4000 !( 4001 - 6000 !( 6001 - 8000 !( >8000 Need Score 1 (Low Need) 2 3 4 5 6 7 8 9 10 (High) PA Census Tracts Counties Job data is at the Census Block level Source of Job data: Longitudinal-Employer Household Dynamics Program https://lehd.ces.census.gov Jeremy NowakNew Localism Advisors
- 11. Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars #mapchats Link Financial and Human Capital Investments Jeremy NowakNew Localism Advisors
- 12. Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars #mapchats Embed Opportunity Zones within Broader Framework Jeremy NowakNew Localism Advisors
- 13. Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars #mapchats Data in Ongoing Feedback Loop Jeremy NowakNew Localism Advisors
- 14. Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars #mapchats T e Nev d Governor’ Office took a data driven approach to designating Opportunity Zones that also incorporated public comment Nev d Governor’ Offi e Ex mple See More: http://www.diversifynevada.com/programs-resources/opportunity-zones Jeremy NowakNew Localism Advisors
- 16. Guiding Principles for Opportunity Zones: New Localism Advisors #mapchats policymap.com/mapchats- webinars Upcoming Mapchats policymap.com/mapchats-webinars Mapchats Blog policymap.com/blog